Global banking giants together announce the Utility Settlement Coin (USC) cryptocurrency to leverage instant cross-border settlements at reduced costs.
Despite showing major hostility for several years, global banking institutions are warming up to the idea of digital currencies. Earlier this year in February 2019, Wall Street giant JP Morgan became the first banking giant to join the crypto bandwagon by announcing NPM Coin.
Now, a number of financial firms are falling to the idea of having a digital currency for quick international settlements. Fourteen banking institutions from across the U.S., Asia, and Europe have partnered with London-based Fnality International for the development of blockchain-based digital currency dubbed as Utility Settlement Coin (USC).