Share this article
Wells Fargo, HSBC to Settle Forex Transactions Using Blockchain
The banking giants will use a blockchain product to settle U.S. dollar, Canadian dollar, pound and euro transactions.
Updated May 11, 2023, 7:02 p.m. Published Dec 13, 2021, 10:45 a.m.
Make us preferred on Google
Wells Fargo and HSBC Bank said on Monday they will use a blockchain-based product for settling matched foreign exchange transactions.
- The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, British pound and euro transactions, with plans to expand the process to other currencies in the future.
- The banks’ blockchain-based settlement system uses HSBC proprietary technology built on Baton Systems “blockchain inspired” CORE distributed ledger technology, an HSBC spokesman told CoinDesk.
- The announcement comes as other major Wall Street banks, such as Goldman Sachs, are reportedly looking to integrate blockchain technology into their regular processes.
- JPMorgan is also looking to hire software engineers to focus on “Collateral Blockchain Tokenization,” and is beefing up its Onyx division, which was created to oversee the development of JPM coin, the bank’s wholesale payments token.
UPDATE (Dec. 13, 13:30 UTC): Adds additional comment from HSBC in second bullet.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: Goldman Sachs, Other Wall Street Banks Exploring Bitcoin-Backed Loans: Sources
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
