UBS leads team of banks working on blockchain settlement system

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.