On the Blockchain Bandwagon: Digital Settlement Systems
Major banks are developing their own digital equivalents to Bitcoin for their settlement systems.
Santander, BNY Mellon, Deutsche Bank, ICAP and UBS are together developing a digital-only cash system to work on the Utility Settlement Coin (USC) which will be for their institutional clients. It will use blockchain technology used in Bitcoin. Its success will depend on the system being widely adopted by other financial institutions. Other top banks, like Goldman Sachs and Citi, are developing their own digital-only payment systems.