ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---
Friday Mar 23rd 2018

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

Six More Banks Join UBS-led Group Seeking To Develop Blockchain Tokens Backed By Fiat Currencies




More big banks are looking to develop a "utility settlement token" backed by cash assets.

Swiss global financial services company UBS announced on August 31, 2017, that six other banks will join its group working on the creation of a blockchain-based digital payment and settlement system that uses a "utility settlement coin" (USC), which will be a digital cash equivalent of every major fiat currency backed by central banks.

London-based blockchain company Clearmatics joined UBS to launch the initiative in September of 2015. The new partners, Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street, add their experience and resources to those already pooled by the existing members, which include BNY Mellon, Deutsche Bank, Santander, and brokerage ICAP.

USC is designed to be convertible with a bank deposit in a corresponding real currency. The token could thus be spent in the same manner as fiat currency.

UBS acknowledged blockchain technology's ability to automatically process and settle transactions without the necessity of third-party verification, thus making payments “faster, more reliable, and easier to audit.”

The group is currently in discussions with central banks, and expects to launch by the end of 2018.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest UBS, Clearmatics or other Ethereum business and finance news.