Behind the joint issuance of coins by 14 international banks: 5 kinds of legal coins are being naturalized in Ethernet Square

The Wall Street Journal had previously reported on joint currency issuance plans by 14 international banks, represented by UBS. Fourteen large banks and financial institutions from the United States, Europe and Japan have invested $63.2 million in a joint venture called Fnality.

The original title: "depth!" Decryption of the joint currency issuance plan of 14 international banks: based on Yitaifang, 5 dafa coins are being naturalized "by Chu Xingjuan

The original title: "depth!" Decryption of the joint currency issuance plan of 14 international banks: based on the etheric Square, the five French coins are being generalised. "Author: Chu Xingjuan

The Wall Street Journal had previously reported on the joint issuance plans of 14 international banks, represented by UBS (UBS Group AG). Fourteen large banks and financial institutions from the United States, Europe and Japan have invested 50 million pounds ($63.2 million) in a joint venture called Fnality International. Fnality will manage their upcoming crypto currency, the USC (Utility Settlement Coin, utility settlement currency).

Fnality will manage their upcoming crypto currency, the USC (Utility Settlement Coin, utility settlement currency).

14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

The 14 international banks and financial institutions are UBS, Barclays, NASDAQ, Credit Suisse, Bank of New York Mellon, Imperial Commercial Bank of Canada, State Street Bank, Commerzbank AG, Santander Bank, ABN Amro International Bank, Union Bank of Belgium, Lloyds Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Bank.

UBS, Barclays, NASDAQ, Credit Suisse, Bank of New York Mellon, Imperial Commercial Bank of Canada, State Street Bank, Commerzbank AG, Santander Bank, ABN Amro International Bank, Union Bank of Belgium, Lloyds Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Bank.

The launch of USC indicates that the banking industry has entered a new stage in the use of blockchain technology. Many blockchain projects have moved from the testing phase to the application phase, and blockchains are being integrated into the global financial infrastructure.

The launch of USC indicates that the banking industry has entered a new stage in the use of blockchain technology. Many blockchain projects have moved from the testing phase to the application phase, and blockchains are being integrated into the global financial infrastructure.

Blockchain media Coindesk successfully interviewed a number of insiders such as Fnality CEO, Fnality technology partner CEO, UBS head of strategy, and disclosed four key points for Fnality and USC:

Four key points of Fnality and USC are disclosed:
  • Fnality, which has received US $63.2 million from 14 banks, is certifying five major French dollars, namely, the US dollar, the Canadian dollar, the British pound, the Japanese yen and the euro.
  • The legalized legal tender will be secured entirely by the central bank's reserve cash, in order to solve the problem of "cash on the account" faced by other blockchain financial projects.
  • Fnality said that while similar to JPMorgan's JPM Coin goals, USC remained open to working with JPMorgan.
  • Fnality is building the project system based on a private etheric network called Autonity.
  • What other uses can USC be used for besides cross-border payments? What are the implications for banks and financial institutions in other countries, such as China? How is it different from encrypted assets such as BTC and ETH? Do ordinary people have the opportunity to invest in USC? You will see more details in the full text of the following report.

    Some banks and financial institutions involved in the joint issuance of USC

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    Fnality International is committed to building and making up for the missing links in the whole bank block chain system.

    The utility settlement currency project, now renamed U.K.-based project, is developing blockchain versions of five different legal tender, including the dollar, Canadian dollar, pound sterling, yen and euro. Fnality, a joint venture led by former Deutsche Bank executive Rhomaios Ram, has raised $63.2 million from 14 shareholder banks and has an adequate budget.

    The utility settlement currency project, now renamed U.K.-based project, is developing blockchain versions of five different legal tender, including the dollar, Canadian dollar, pound sterling, yen and euro. Fnality, a joint venture led by former Deutsche Bank executive Rhomaios Ram, has raised $63.2 million from 14 shareholder banks and has an adequate budget.

    Rhomaios Ram

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    In interviews with Ram and other banks and technology executives involved in the project, we learned a little about the project, which has always been a secret: the upcoming crypto currency will continue to use the name "USC" and will start with the enterprise blockchain ecosystem and the wider financial world.

    The upcoming cryptocurrency will continue to use the name "USC" and will start with the enterprise blockchain ecosystem and the wider financial world.

    Bitcoin has always wanted to be the "legal tender" of the blockchain world, which Ram sees as a means to an end, not an end in itself. Many private blockchain projects attempt to generalize wholesale banks at or near the stage of proof of concept, but they generally lack one thing-legal tender in the ledger.

    In other words, if a stock or bond flows quickly on a distributed network, that's fine. But if the cash portion of the transaction is settled in the traditional way, it will take a few days, which is largely contrary to the original intention of the transaction.

    As a result, USC will address what many in the industry call "cash on the books". For Ram, the financing project disclosed last week is an important testament to this idea. He said investors were convinced that they had found the answer to the cash flow problem, which was an important sign of promoting large-scale generalisation of banks.

    Investors firmly believe that the answer to the cash flow problem has been found, which is an important sign of promoting large-scale generalisation of banks.

    There is no doubt that JPMorgan, a non-Fnality shareholder, has a similar idea for its upcoming JPM Coin. JPM Coin is mainly used to achieve cross-bank and cross-border real-time payments, for currency flows between major customers, securities transactions and other aspects of payment, as an intermediate settlement tool. JPM Coin will not only anchor the dollar, but will also expand to other currencies.

    JPM Coin is mainly used to achieve cross-bank and cross-border real-time payments, for currency flows between major customers, securities transactions and other aspects of payment, as an intermediate settlement tool. JPM Coin will not only anchor the dollar, but will also expand to other currencies.

    "We recognize that this cash pass is the basis for supporting blockchain applications in other enterprises. "We have been working on enterprise blockchain for nearly four years, from supply chain finance to financial markets, involving many different application scenarios, and payment is the basis for all of these scenarios," Christine Moy, head of JPMorgan blockchain division, said at this year's consensus conference in New York. "

    Christine Moy, head of Block chain, JPMorgan

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    Large as it is, JPMorgan is still essentially a bank.

    Ram and his team are confident that several banks will issue their own tokens for their ecosystems in the future. In an ecosystem of bank tokens, there is a need for a similar role as an agent, although this is not the main business of Fnality.

    If Balak Bank (Barclays Bank) issues Barclays Coin,JPM Coin similar to JPM Coin and wants to circulate with Barclays Coin, then USC can serve as a bridge between the two tokens.

    Ram said: "in addition to existing asset DLT programs, such as bond issuance and collateralization of), USC, which are compatible with and benefit from products such as JPM Coin, holders of, JPM Coin may also want to transfer their assets to tokens of another bank. We're like a pass agency channel. "

    "in addition to existing asset DLT programs, such as bond issuance and mortgage legalization), USC, which are compatible with and benefit from products such as JPM Coin, holders of, JPM Coin may also want to transfer their assets to another bank's tokens. We're like a pass agency channel. "

    While JPMorgan declined to comment on this article, it is clear that both sides have some common admiration.

    For the Fnality, it is more important to connect each decentralized market infrastructure, that is, currency issuance rights, to its corresponding central bank.

    Today's trade settlement requires companies to open accounts in multiple locations in order to easily handle cash and securities. This has directly dispersed monetary liquidity and confused post-trading channels and buffers, resulting in delays in transaction settlement.

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    Fnality believes that central bank cash reserves on the block chain will break the problem across each currency issuer, making settlement faster, eliminating counterparty risk and releasing capital.

    Central bank cash reserves on the block chain will break the problem across each currency issuing country, make settlement faster, eliminate counterparty risk and release capital.

    How to achieve this goal involves complex regulatory and technical issues? Robert Sams, chief executive of Clearmatics, Fnality's technology partner, said legitimate settlement results would occur within the blockchain system, not on the books of clearing institutions. This distinction may seem trivial, but the former is the basis for swapping keys for cash, which is essentially the difference.

    Fnality, which has been around for four years, has barely attracted anyone's attention in the past. But now, countless people are paying attention to it and speculating about how the generic legal currency for cross-border payments will be mortgaged at the central bank. In other words, what is the difference between the USC and the central bank digital currency (CBDC)?

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    Hyder Jaffrey, UBS's strategic investment and financial technology innovation manager, one of the Finality shareholders, points out that there is an important difference between the so-called central bank digital currency (CBDC) project and the projects done by Fnality:

    "the central bank digital currency is issued by the domestic central bank and has the strong support of the central bank. USC is the use of commercial bank funds, its design so that it has some of the characteristics of central bank currency. USC is backed by cash from central banks, which is a subtle but important difference. "

    "the central bank digital currency is issued by the domestic central bank and has the strong support of the central bank. USC is the use of commercial bank funds, its design so that it has some of the characteristics of central bank currency. USC is backed by cash from central banks, which is a subtle but important difference. "

    The currency of commercial banks is different from that of central banks: the former bears credit risk and commercial opponent risk, and the latter has sovereign risk. Sams says Fnality is exploring a path between the two.

    "money usually exists in the form of commercial bank currency (commercial bank debt) or central bank currency (central bank debt), but USC is a generic asset with a similar credit risk attribute to central bank currency, but it is not a substitute for central bank currency. "

    But USC is a generic asset with a similar credit risk attribute to central bank money, but it is not a substitute for central bank money. "

    Clearmatics's blockchain architecture for Fnality uses a private version of the ethersquare network called Autonity. Sams said that the distributed state transition system is the key to ensuring the flexibility of the system, in which all participants on the chain constantly update the complete status record of the block chain.

    Clearmatics's blockchain architecture for Fnality uses a private version of the ethersquare network called Autonity. Sams said that the distributed state transition system is the key to ensuring the flexibility of the system, in which all participants on the chain constantly update the complete status record of the block chain.

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    The Monetary Authority of Singapore (MAS) has tested the full recording system at the central bank level and raised a number of performance issues.

    However, Lee Braine, another Finality shareholder from the CTO office of Barclays Investment Bank, points out that the market size of the large interbank lending services targeted by Fnality is very different from that of retail bank payments, so the characteristics will be very different.

    The market size of the large-scale interbank lending service targeted by Fnality is very different from that of retail bank payments, so the characteristics will be very different.

    While many market infrastructure tends to centralize some blockchain solutions to improve efficiency, flexibility is at the heart of research by many central banks and universities, Braine said.

    Fnality's complex roadmap will begin to be announced in 2020. In addition to UBS (UBS), its supporters include Barclays Group, Nasdaq, Credit Suisse Group, Bank of New York Mellon, Imperial Commercial Bank of Canada, State Street Bank, Commerzbank AG, Santander Bank, ABN Amro International Bank, Union Bank of Belgium, Lloyds Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Bank.

    Fnality's complex roadmap will begin to be announced in 2020. In addition to UBS (UBS), its supporters include Barclays Group, Nasdaq, Credit Suisse Group, Bank of New York Mellon, Imperial Commercial Bank of Canada, State Street Bank, Commerzbank AG, Santander Bank, ABN Amro International Bank, Union Bank of Belgium, Lloyds Bank, Mitsubishi UFJ Bank and Sumitomo Mitsui Bank.

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    14 家国际银行联合发币背后:5 种法币正在以太坊上通证化

    Braine said the first product could be a simple payment, after which it would switch to more complex currency swaps, such as in foreign exchange or transactions involving certain securities, which would be formalized as payment delivery (DvP), transactions where both parties could complete the transaction at the same time.

    The first product may be a simple payment, and then it will turn to more complex currency swaps, such as in foreign exchange or transactions involving certain securities, it will be formalized into payment delivery (DvP), transactions where both parties can complete the transaction at the same time.

    "you get more value as you move along the road map, but you need to integrate with the market infrastructure to get it. Braine concludes, "look at clearinghouses and exchanges, and in a few years, you'll see more clearinghouses using generic assets. "

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