The Utility Settlement Coin (USC) is moving into its next phase of maturity with the creation of Fnality International and the completion of an associated ‘Series A’ equity round of $60 million. The USC is aiming to implement blockchain based currencies in commercial and central banking throughout the world.

The founding shareholders of the new firm are Barclays, MUFG Bank, KBC Group, Credit Suisse, and many more. The goal of earlier stages of the USC project centered on research & development efforts to solve for a more efficient means of international cross border payments in tokenized wholesale markets. It will also work on reducing settlement risk, counterparty risk and ultimately system risk in the post-trade settlement process.

The focus for Fnality is now to create and deploy a solution incorporating Legal, Regulatory, Operational and Technical aspects. This is to create a regulated network of distributed Financial Market Infrastructures (dFMIs). That should support the global exchange of value transactions. Initially, five currencies are in scope: CAD, EUR, GBP, JPY & USD. USC will add further currencies in due course. It wants 100% back up by fiat currency held at the respective central bank with convertibility into fiat currency at par guaranteed at all times. In each jurisdiction, the Fnality solution will work as per the laws and regulations of the local settlement.

The Fnality CEO expects the USC token to be fully operational in a year when the regulation is approved.