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The essence of the USC project is to create blockchain-based cryptocurrencies to make it easier for international banks to settle various transactions between each other. USCs are 100% fiat-backed currencies held in respective central banks with convertibility into fiat currency at par guaranteed at all times.

Fnality, formed of a consortium of 14 major banks, is aiming is to create the means of payment on-chain for financial markets by use of its Utility Settlement Coin (USC). The USC is similar to JPMorgan's JPM Coin, but backed by central bank deposits. Fnality is currently seeking approval for such deposits from several central banks, including the Federal Reserve, the Bank of England and the European Central Bank, with the intentions to receive its first green light in Q3 of 2020.

Utility Settlement Coin (USC), the blockchain-based payments system involving commercial and central banks, will be working with ConsenSys-backed startup Adhara, CoinDesk has learned. Adhara was behind Project Khokha, which used enterprise blockchain client Quorum to see how zero-knowledge proofs performed with the South African Reserve Bank (SARB).

The Utility Settlement Coin (USC) project - led by some of the world's largest banks - has announced the creation of a new firm (Fnality International) and closure of an accompanying £50 million Series A financing round.

JPM Coin (JP Morgan), USC (UBS and twelve others), J Coin (Mizuho and a consortium of Japanese banks), MUFG Coin (Bank of Tokyo-Mitsubishi UFG), and Signet (NY-based Signature Bank).

Euroclear has invested in Fnality, the blockchain payments consortium formerly known as the Utility Settlement Coin (USC) and owned by 16 major financial institutions. Euroclear operates Central Securities Depositories (CSDs) across Europe, including Belgium, Finland, France, Ireland, the Netherlands, Sweden, and the United Kingdom. In October, Fnality plans to launch its first payment currency with pounds sterling deposited at the Bank of England. That makes it a so-called wholesale synthetic CBDC where the purpose is for institutions to use it for settlement, especially for blockchain-based transactions.

"The financial institutions that have invested in Fnality know liquidity management and settlement processes must take a quantum leap to rein in the current inefficiencies, market fragmentation and counterparty risks. These banks accept the need for change and are exploring the potential of technology, by holding tokenised assets on a blockchain to trade and settle with near-instant finality. "

Fnality is pleased to announce key additions to the senior management and advisory team. Gary Chu joins as General Counsel and Adam Clarke as Chief Technology Officer (CTO), with Daniel Heller joining as Head of Regulatory Affairs.