Mizuho Bank, one of Japan’s three “megabanks”, has joined the ranks of shareholders in one of the financial world’s most high-profiled DLT projects.

Since a number of years, a list of world-leading financial actors are collaborating to establish a blockchain ”Utility Settlement Coin” (USC), intended to provide tomorrow’s solution for payment and settlement across the industry.

Fnality, founded earlier this year, is their commercial vehicle for taking it to the market. Funding shareholders were Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC, Lloyds, MUFG, Nasdaq, Sumitomo Mitsui, State Street and UBS.

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Now, Mizuho Bank joins the consortium.

“Will be pivotal”

“Mizuho is fully committed to being a driving force in change in financial services,” says Fumio Tajima, executive officer at Mizuho Bank, in Fnality’s press release.

“We see that distributed ledger technology (DLT) offers huge potential and the use of USC as a settlement asset will be pivotal in enabling this change.”