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Wholesale Banking 'On The Chain'

Blockchain is rightfully receiving its fair share of excitement now that the technology is understood by most organizations. There are numerous projects to improve efficiencies and many have successfully moved past the Proof of Concept phase. Solutions for industries ranging from Supply Chain Management, Identity Security and of course Fintech have been created. One area that impacts all of these products is REAL money.

Today, legacy off-chain banking is still needed at the end (or beginning) of any Blockchain to extract value in actual Fiat Currency such as Dollars, Euros, Pounds and Yen. Coins and tokens cannot be exchanged into these currencies without removing them from the Blockchain. The remaining solution to wrap the entire ecosystem into an on-chain ledger was missing..until now.

In 2019, 14 banks created Fnality International to release what is currently known as the Utility Settlement Coin, or USC. This settlement token is unlike any other Blockchain coin due to its direct relationship with Fiat Currency Central Banks. (More information about Fnality can be found at With USC, banks will be able to exchange REAL money with Settlement Finality in Fiat Currency because the Central Banks will have the equivalent value in their actual accounts.

USC is unlike either of its closest forms - Central Bank Digital Currency or Stable Coin - because it will be settled directly with Central Banks in a similar manner to regular Fiat Currency. In other words, Federal Reserve Member Banks can settle both USC and USD with the Federal Reserve but leave USC on-the-chain. This now allows companies to achieve complete End-2-End Blockchain solutions!

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