The Utility Settlement Coin (USC) project was initially designed as a way to minimize the role of clearinghouses, by letting financial institutions pay each other directly using collateral-backed crypto tokens. However, since the collateral associated with those tokens is held by central banks, the project is increasingly being seen as a step toward reimagining how fiat currency could be issued.
Up Next in Blockchain
Nasdaq proposed a Blockchain-based asset ownership data storage system. This system enables data to be stored on a public ledger while ensuring privacy through each block’s cryptographic hash value .
Nasdaq Files Patent for Blockchain-based Asset Ownership Data Storage System
Nasdaq seeks patent for storing ownership information of assets on a Blockchain, not yet ready to implement technology.
The prospect of blockchain technology remaking financial services just moved a step closer to reality, after banks including Goldman Sachs and JPMorgan completed a successful six-month test in the $2.8 trillion equity swaps market.
Blockchain Gets a Wall Street Win: ‘We Know the Thing Works Now’