Major financial institutions, including Citi and JP Morgan, have concluded trials for tokenization settlement initiatives.
Regulated Settlement Network Trials Successfully Conclude with Ten Participating Institutions
The Regulated Settlement Network (RSN) trials, led by the Securities Industry and Financial Markets Association (SIFMA), have come to a close after a successful three-month period from March 15, 2023, to June 30, 2023.
The RSN trials were an extension of last year's Regulated Liability Network trials, with the addition of tokenized commercial bank money and tokenized central bank money. Ten prominent institutions, including Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., US Bank, USDF, Wells Fargo, Visa, and Zions Bancorp, participated in these simulated trials.
SIFMA acted as the coordinator for the participating institutions, overseeing the smooth operation of the trials. The RSN trials enabled delivery versus payment for wholesale transactions, marking a significant step forward in the use of blockchain technology for financial settlement networks.
The trials involved the use of a shared distributed ledger technology (DLT) network for settling tokenized transactions. This includes tokenized Treasuries and investment grade bonds on the shared ledger. The RSN trials also explored interoperability with external DLT networks, demonstrating the potential for seamless integration with existing financial systems.
The RSN trials did not include advertisements, focusing solely on the trials and their implications. These trials are significant for professionals seeking deeper insights into the development and implementation of blockchain technology in financial settlement networks.
The successful conclusion of the RSN trials underscores the potential of blockchain technology in streamlining financial settlement processes and enhancing efficiency in the banking industry. The lessons learned from these trials will undoubtedly contribute to the continued development and refinement of blockchain technology in financial applications.
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