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<h4><strong>This initiative, outlined in a recent Bloomberg report, marks a significant stride toward modernizing financial processes. </strong></h4>
<p>According to <a href="https://www.bloomberg.com/news/articles/2024-05-08/mastercard-citi-jpmorgan-test-ledger-for-settling-bank-money" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, It aims to streamline operations using digital ledger technologies. Let’s explore more about this important news for US banks.</p>
<h5><strong>Digital Ledger Technology Modernizes Financial Processes</strong></h5>
<p>The collaborative effort, known as the Regulated Settlement Network proof-of-concept, aims to explore the potential of <a href="https://www.altcoinbuzz.io/?s=blockchain" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> and similar technologies. It aims to transform the handling of financial transactions, especially those involving commercial bank money and investment-grade debt securities.</p>
<p>This initiative seeks to modernize and streamline transaction processes in the financial sector. By tokenizing these assets, the participating banks hope to achieve more efficient, secure, and faster settlements.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">JUST IN: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Mastercard, JPMorgan, Visa, Wells Fargo &amp; other top US banks are testing shared-ledger technology for tokenized asset settlements.</p>
 <p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1788598409160516080?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Tokenization involves converting rights to an asset into a digital token on a blockchain or similar <a href="https://www.altcoinbuzz.io/?s=decentralized" target="_blank" rel="noopener noreferrer nofollow">decentralized</a> database. This digital representation can then be easily and securely traded, often with reduced transaction times and costs, while maintaining a clear audit trail that could enhance transparency and compliance.</p>
<h5><strong>More About the Regulated Settlement Network</strong></h5>
<p>The immediate goal of the Regulated Settlement Network is to simulate dollar transactions to gauge the effectiveness, efficiency, and security of blockchain technology in real-world financial operations. The broader implications include potentially revolutionizing cross-border transactions and inter-system movements of funds. By reducing the time and errors associated with these processes, tokenized settlements could offer significant improvements over traditional methods.</p>
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 <p lang="en" dir="ltr">Mastercard, Citi, JPMorgan test ledger for settling bank money:</p>
 <p>The new test will simulate transactions in US dollars. US Bancorp, Wells Fargo, Visa are also involved in the test.</p>
 <p>Bloomberg. <a href="https://twitter.com/hashtag/DigitalBanking?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DigitalBanking</a> <a href="https://t.co/EPpqTeO1vB" rel="noopener noreferrer nofollow">https://t.co/EPpqTeO1vB</a></p>
 <p>— Urs Bolt (@UrsBolt) <a href="https://twitter.com/UrsBolt/status/1788618391726551424?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>These tests also build on earlier explorations into digital ledger technology by these institutions. A 12-week trial initiated in 2022 focused on cross-border and interbank payments, setting the stage for this more advanced and focused exploration of tokenized asset settlements.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/us-banks-test-blockchain-for-dollar-based-asset-settlements/" rel="noopener noreferrer nofollow">US Banks Test Blockchain for Dollar-Based Asset Settlements</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

US Banks Test Blockchain for Dollar-Based Asset Settlements

Altcoin Buzz

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