Today the Depository Trust & Clearing Corporation (DTCC), the world’s largest post-trade infrastructure, announced that the DLT-based Project Ion platform for stock settlement is now in production. As previously planned, the distributed ledger solution runs in parallel with the DTC’s classic settlement system, which remains the definitive record. R3’s Corda enterprise blockchain was confirmed as the technology selected for the solution.
At this stage, Project Ion is designed to only deal with bilateral equity transactions but is already processing an average of 100,000 transactions per day, peaking at 160,000. This project has massive potential, given that the DTCC processed almost $2.4 quadrillion in transactions last year, and its DTC subsidiary is responsible for the custody of $87 trillion in assets.
To develop the system, the DTCC collaborated with numerous institutions listed later on. Two were fintechs: Robinhood Securities and Fnality, the institutional-backed digital currency platform that plans to enable interbank transaction settlement in central bank money, including USD, GBP, Euro.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
