Mastercard, Visa, JPMorgan Chase and other financial institutions explore tokenized asset settlement

Several major U.S. financial institutions are working together to test the benefits of shared ledger technology for jointly settling tokenized assets, such as commercial bank funds and various types of securities. The initiative, called the "Regulatory Settlement Network," is a proof-of-concept that aims to speed up and secure cross-border transactions by using a single system for tokenized assets. The trial is a continuation of an earlier 12-week experiment conducted in late 2022 that focused on interbank and cross-border U.S. dollar transactions. Participants in the new phase include well-known financial institutions such as Mastercard, Citigroup, JPMorgan Chase, U.S. Bancorp, Wells Fargo, Visa, Swift, TD Bank and Zions Bancorp. The project is being overseen by the New York Innovation Center of the Federal Reserve Bank of New York to ensure a thorough review of the technology's potential. (Bitcoin.com)