Today Tassat Group announced its private blockchain payment technology will be used by Glasstower Digital for cross border B2B payments. What’s novel about the deal is these are not bank-based payments. Instead Glasstower Digital will use tokenized money market funds for corporate payments.
The goal is to enable real time transactions and settlement. What’s interesting about the concept is it entirely sidesteps all the challenges with legacy payment systems or even tokenized deposit payments.
At the end of the day, corporate treasurers want instant, low cost payments with added value functionality. The plumbing is less relevant to them. However, it raises several regulatory questions which we’ve addressed to Glasstower, but didn’t receive a response in time for publication. In January Glasstower Digital signed a deal with Argent Institutional Trust Company to act as custodian.
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