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Mastercard partners with US banking giants

Mastercard, in collaboration with prominent banking institutions including Citigroup, Visa, and JPMorgan, has embarked on a pioneering initiative to explore the application of distributed ledger technology (DLT) for banking settlements through tokenization.

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Mastercard, in collaboration with prominent banking institutions including Citigroup, Visa, and JPMorgan, has embarked on a pioneering initiative to explore the application of distributed ledger technology (DLT) for banking settlements through tokenization.

This strategic partnership seeks to evaluate the efficacy of the Regulated Settlement Network (RSN), a shared-ledger platform facilitating the collective settlement of tokenized assets such as Treasuries, investment-grade debt instruments, and commercial bank funds.

Traditionally, diverse financial securities and assets have operated on disparate systems, necessitating intricate settlement procedures. The RSN platform, however, endeavors to streamline these processes by converting various assets into tokens and executing settlements on a unified distributed ledger.

Building upon a preliminary 12-week pilot phase initiated in late 2022, the ongoing proof-of-concept (PoC) trials of RSN represent a significant expansion. Initially focused on cross-border and domestic dollar payments between banks, the current trials concentrate on simulating settlements denominated in the United States dollar.

In a statement issued on May 8, Mastercard underscored the project’s objective of enhancing the efficiency of cross-border settlements while mitigating the risks associated with errors and fraudulent activities. Raj Dhamodharan, Head of Blockchain and Digital Assets at Mastercard, emphasized the transformative potential of shared ledger technology in enabling programmable settlements characterized by 24/7 availability and frictionless transactions.

Noteworthy additions to the consortium of participating banking institutions include interbank tokenized deposit networks, with the USDF Consortium and the Tassat Group assuming pivotal roles. Deloitte, a leading advisory firm, provides consultative support, while the Securities Industry and Financial Markets Association serves as the program manager.

The roster of ten participant banking giants comprises Citi, JPMorgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Additionally, six project participants, including the MITRE Corporation, BNY Mellon, Broadridge, the DTCC, ISDA, and the Tassat Group, contribute their specialized expertise to the initiative.

The collaborative endeavor spearheaded by Mastercard and its esteemed partners underscores the commitment of industry leaders to harnessing innovative technologies to enhance the efficiency and integrity of financial settlements on a global scale.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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