Ten financial institutions including Citi and JP Morgan will participate in a distributed ledger (DLT) feasibility trial. It involves using tokenized deposits, wholesale central bank money, U.S. Treasuries and other tokenized assets on a shared ledger as part of the Regulated Settlement Network (RSN). The goal is to test settlement on a common regulated venue under existing laws by simulating USD delivery versus payment transactions.
The latest proof of concept (PoC) builds on an initiative last year involving several of the same institutions for the similarly named Regulated Liability Network (RLN).
One of the major additions is the two U.S. interbank tokenized deposit networks. The USDF Consortium is a participant and Tassat Group is a project contributor, potentially integrating with the shared ledger. Deloitte is providing advisory services and the group plans to engage vendors for technology and legal analysis.
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