Credit Suisse and Barclays are joining a UBS initiative to create a new type of digital money to settle financial transactions over blockchain.
Canadian Imperial Bank of Commerce, HSBC, Mitsubishi UFJ Financial Group and State Street will also take part in the Utility Settlement Coin project, according to a memo from UBS seen by Bloomberg.
The members will now focus on deepening ties with regulators and central banks.
“The USC project aims to provide a regulated and near-term digital cash that provides the digital benefits of cryptocurrencies,” the memo said.
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