During the Crypto Asset Conference earlier this week, Luis Nacarino from Santander said that Fnality was aiming to “receive Federal Reserve approval later this year.” Fnality is backed by 20 global financial institutions, including Santander. It operates a tokenized settlement system for institutions, in which the shared payment tokens are backed by central bank reserves.
We asked Fnality about its US regulatory status and a spokesperson responded via email:
“Fnality is in the process of securing an innovation bank charter from the Connecticut Department of Banking and has applied for a joint account with the Federal Reserve which would be used to operate the Dollar Fnality Payment System($FnPS). In March 2025, a public hearing was held on Fnality’s submission for an innovation bank charter. The US is a priority market for us and our aim is to go live as soon as possible, subject to regulatory approval.”
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