Cash equivalent: UBS has developed a 'Utility Settlement Coin', which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro. — Reuters
LONDON: Swiss bank UBS is leading a team of four of the world's biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.
UBS has developed a "Utility Settlement Coin" (USC), which is a digital cash equivalent of each of the major currencies backed by central banks, such as the dollar or euro, rather than a decentralised new digital currency such as bitcoin.
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