Fox Williams advises Clearmatics on bank consortium agreement for Utility Settlement Coin concept

September 20, 2016

Fox Williams partners Nigel Brahams and Nigel Miller have negotiated the agreement between Clearmatics and a consortium, comprising BNY Mellon, Deutsche Bank, ICAP, UBS and Santander, who were represented by Linklaters, covering the development in several stages (as well as ownership of IP) by Clearmatics of the Utility Settlement Coin (USC) concept. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash and allows for banks to transact with each other with seriously reduced costs and risk of failure. USC is an asset-backed digital cash instrument implemented on distributed ledger technology for use within global institutional financial markets. USC is a series of cash assets, with a version for each of the major currencies (USD, EUR, GBP, CHF, etc.) and USC is convertible at parity with a bank deposit in the corresponding currency. USC is fully backed by cash assets held at a central bank. Spending a USC will be spending its paired real-world currency.

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