Fun

Mastercard joins forces with US banking titans for tokenized settlement trials

News Feed - 2024-05-08 09:05:21

Prashant Jha11 hours agoMastercard joins forces with US banking titans for tokenized settlement trialsThe partnership between significant banking giants in the U.S. and Mastercard aims to streamline multiple asset-class settlements on a shared ledger platform.2273 Total views42 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPayment processing and settlement firm Mastercard has joined hands with major banking institutions in the United States, such as Citigroup, Visa and JPMorgan, to test distributed ledger technology for banking settlements using tokenization.


The partnership between the banking giants and the payment processor aims to test shared-ledger technology called Regulated Settlement Network (RSN). RSN enables tokenized assets like Treasurys, investment-grade debt instruments and money from commercial banks to be settled collectively.


Currently, securities such as investment-grade debt and assets such as money from commercial banks function on different systems. Using RSN, settlement procedures will occur on a single platform by converting various assets into tokens and settling them on a distributed ledger.


The current trial phase expands on a 12-week pilot phase that started in late 2022. The test was earlier focused on cross-border and domestic dollar payments between banks. The ongoing proof-of-concept (PoC) RSN trials are focused on simulating settlements in the United States dollar.


In a May 8 statement, Mastercard said the project is focused on increasing the efficiency of cross-border settlements and reducing the chance of error and fraud.


Raj Dhamodharan, head of blockchain and digital assets at Mastercard, said that the “application of shared ledger technology to dollar settlements could unlock the next generation of market infrastructures — where programmable settlements are 24/7 and frictionless.”


Related:Visa and Mastercard: A boon for wallet holders, a threat to crypto exchanges?


The RSN PoC has seen two significant additions to the participating banking institutions: interbank tokenized deposit networks, in which the USDF Consortium will be a direct participant, and the Tassat Group will be a contributor, and another banking giant, Deloitte, provides advisory services. The program manager will be the Securities Industry and Financial Markets Association.


There are 10 participant banking giants: Citi, JPMorgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa and Zions Bancorp.


Six more project participants will offer their subject-matter expertise, including the nonprofit MITRE Corporation, BNY Mellon, Broadridge, the DTCC, ISDA and Tassat Group.


Magazine:Crypto in the Philippines: Necessity is the mother of adoption# Blockchain# Cryptocurrencies# Banks# Adoption# United States# Citi# JPMorgan ChaseAdd reaction

News Feed

Fee war breaks out among spot Ether ETF issuers ahead of listings
Alex O’Donnell7 hours agoFee war breaks out among spot Ether ETF issuers ahead of listingsFranklin Ethereum ETF (EZET) has emerged as the fee race’s frontrunner.2395 Total views5 Total sharesListen to article 0:00New
Hong Kong Bitcoin ETFs not enough to absorb US ETF selling pressure
Zoltan Vardai14 hours agoHong Kong Bitcoin ETFs not enough to absorb US ETF selling pressureDespite the excitement around the Hong Kong ETF debut, the inflows are only a fraction of the outflows from U.S. ETFs. Could the
Kevin O’Leary: FTX Collapse Is a Turning Point for the Industry — ‘Crypto Bottom Is In’
Kevin O"Leary: FTX Collapse Is a Turning Point for the Industry — "Crypto Bottom Is In" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has investments in FTX. Following
$1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price
Este artículo también está disponible en español. Bitcoin has been consolidating below the $100,000 level for twelve consecutive days, marking a pause in its recent histo
Amaka Nwaokocha14 hours agoMeta dissolves responsible AI division amid restructuringThe restructuring comes as the parent company of Facebook nears the end of its “year of efficiency.”16437 Total views41 Total shares
Mike Bloomberg’s 2020 Finance Policy Proposes Strict Bitcoin Regulations
Mike Bloomberg"s 2020 Finance Policy Proposes Strict Bitcoin Regulations The 2020 U.S. Presidential candidate Michael Bloomberg addressed the subject of cryptocurrencies and init
Wall Street Pepe Meme Coin Nears $64M as Trump Promises Bitcoin Supremacy
David Bailey, a crypto policy advisor and aide to Donald Trump, shared details of his discussion with the President. According to Bailey, Trump is committed to building a pro-crypto environment in the US through policy m
William Suberg9 hours agoBitcoin fails to recoup post-Fed losses as $20K BTC price returns to radarBitcoin is a bargain for some at current levels, but downside BTC price predictions remain firmly on the agenda.3680 Tota
TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals
TSX-Listed Voyager Digital "Temporarily" Suspends Trading, Deposits, and Withdrawals After the TSX-listed Voyager Digital revealed that it was owed $655 million from Three Arrows C
AVAX Price Continues To Consolidate Around $35 — Here Are The Levels To Watch
Este artículo también está disponible en español. The AVAX price has been mostly quiet since the start of 2025, mirroring the climate of the altcoin market so far in the
Turner Wright11 hours agoUK bill on online safety should apply in the metaverse, say lawmakersSeveral members of the House of Lords voiced concerns about children’s online activities in legislation aimed at regulating
Data privacy and security concerns worry nearly half of tech industry consumers: Report
Savannah Fortis11 hours agoData privacy and security concerns worry nearly half of tech industry consumers: ReportFor 48% of respondents in Aleo’s 2024 Data privacy report, data privacy and security are considered the