Mastercard, Visa, JPMorgan, and Other Major Banks Explore Tokenized Asset Settlements

Several major financial firms are collaborating to test the benefits of shared-ledger technology for jointly settling tokenized assets like commercial bank money and various securities. The initiative, known as the Regulated Settlement Network, is a proof-of-concept designed to expedite and secure cross-border transactions using a singular system for tokenized assets.

This trial is an extension of an earlier 12-week experiment conducted in late 2022, which concentrated on domestic interbank and cross-border dollar transactions. Participants in this new phase include prominent financial entities such as Mastercard, Citigroup, JPMorgan Chase, US Bancorp, Wells Fargo, Visa, Swift, TD Bank, and Zions Bancorp. Oversight for the project is provided by the New York Innovation Center at the Federal Reserve Bank of New York, ensuring a robust examination of the technology’s potential.

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