Fnality (Formerly known as Utility Settlement Coin (USC)), the newly rechristened U.K.-based project is developing blockchain versions of five major fiat currencies: the U.S. dollar, the Canadian dollar, the British pound, the Japanese yen and the euro. It has $63.2 million in fresh funding from 14 banks. Fnality's tech partner, Clearmatics, is building these systems on a private version of ethereum called Autonity.
Fnality's complex roadmap will see things begin to come to fruition in 2020. Aside from UBS and Barclays, its shareholders include Banco Santander, BNY Mellon, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, and State Street.