U.S. Banks Launched a Digital Dollar Blockchain Pilot

The failure of FTX has rocked the cryptocurrency market to its very core, but traditional financial institutions are stepping into the world of digital currency.

The Regulated Liability Network, a proof-of-concept digital currency platform, was launched on Tuesday according to a group of banking organisations that includes HBSC, Mastercard, and Wells Fargo (RLN). The New York Innovation Center (NYIC), a division of the Federal Reserve Bank of New York, is pleased to be working with the members of the American banking and payments community on this [proof-of-concept] project, the group said in a statement. According to the group, the platform will make use of opportunities to enhance financial settlements by using distributed ledger technology, also known as a blockchain.