In July, the Federal Reserve Bank of New York’s New York Innovation Centre (NYIC) announced the successful conclusion of an experiment for many banks to make wholesale dollar payments in both central bank digital currency and in digital commercial bank money on a shared multi-entity distributed ledger.
This is the regulated liability network (RLN) whose participants, alongside the Fed’s NYIC, also include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, Swift, TD Bank, Truist, U.S. Bank and Wells Fargo.
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