UBS exec: first trades via USC could take place this year

Risk Live: utility settlement coin project backed by group of banks moving “incredibly fast”

The first trades using utility settlement coin (USC), a digital currency designed by a group of banks to speed up financial transactions, are expected to take place later this year, according to one of the project’s most senior technologists.

UBS has spearheaded development of the coin, which counts more than a dozen large banks as investors and uses distributed ledger technology firm Clearmatics as its vendor partner. Unlike other cryptocurrencies, the USC will be fully backed by cash held in