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HSBC, Barclays Join Settlement Coin as Bank Blockchain Test Enters Final Phase - CoinDesk

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"The head of fintech partnerships and strategy at HSBC, Kaushalya Somasundaram, reiterated Jaffrey's belief that USC could help delineate a path forward for central bank digital currencies, one of the reasons HSBC  joined to begin with.

Explaining how she sees the the token eventually working, Somasundaram told CoinDesk:

'The settlement coin will be a collateralized digital currency, backed by cash assets at a central bank, which allows us to transfer ownership easily through the exchange of USCs, thus reducing process complexity and the time taken for settlement.'"

HSBC, Barclays Join Settlement Coin as Bank Blockchain Test Enters Final Phase - CoinDesk

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