Share this article
U.S. Financial Industry to Explore Sharing Ledger Technology for Multiasset Transactions
The New York Innovation Center of the Federal Reserve Bank of New York will act as a technical observer.
Updated May 8, 2024, 9:03 a.m. Published May 8, 2024, 9:00 a.m.
Make us preferred on Google
- Major U.S. financial industry companies are teaming up to explore sharing ledger technology.
- The New York Innovation Center of the Federal Reserve Bank of New York will act as a technical observer.
Citi, JPMorgan, Mastercard, Swift and Deloitte are among major companies with an interest in financial services teaming up to explore sharing ledger technology by simulating multiasset transactions in U.S. dollars.
The research project, titled Regulated Settlement Network (RSN) proof-of-concept (PoC), will explore the potential of bringing commercial-bank money, wholesale central-bank money and securities such as U.S. Treasuries and investment-grade debt to a common regulated venue, according to a statement shared with CoinDesk.
STORY CONTINUES BELOW
The New York Innovation Center of the Federal Reserve Bank of New York will act as a technical observer.
"In today’s digital economy, financial market infrastructures may need to settle a host of digital assets within well-defined legal frameworks. Citi looks forward to exploring the opportunities of this project," Debopama Sen, global head of payments at Citi Services, said in the statement.
In the U.S., ideas such as central bank digital currencies (CBDCs) have become contentious. While the U.S. Federal Reserve's Chair Jerome Powell has told lawmakers that the Fed has zero interest in a system in which it would have a view into user data, CBDCs have become a presidential election Issue.
The program's participants are not committed to any future phases of research once the first is complete. The collaboration was focused on gaining "further consensus on the use of shared ledger technology in the U.S. financial system," and the findings will be published once concluded, the statement said.
"The application of shared ledger technology to dollar settlements could unlock the next generation of market infrastructures – where programmable settlements are 24/7 and frictionless," said Raj Dhamodharan, executive vice president for blockchain and digital assets at Mastercard.
The program will be managed by the securities industry's internal standards organization, the Securities Industry and Financial Markets Association (SIFMA). Other participants include TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa and Zions Bancorp.
Nikhilesh De contributed to this story.
Read More: U.S. Fed Chair Powell Says 'Nowhere Near' Pursuing CBDC, Won't Spy on Americans
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
