Several banking institutions are investing about $ 50 m into a blockchain - backed utility cash coin ( USC ) called Fnality , according to anonymous sources , which could be launched as soon as next year . Barclays recently confirmed it was among the highlights of the ambitious initiative and that its development phase was " coming to an end " . The cash - backed USC would be valued at parity and could be used as a digital cash instrument to facilitate transactions .
Several banking institutions are investing about $50m into a blockchain-backed utility settlement coin (USC) called Fnality, according to anonymous insiders, which could be launched as soon as next year. Barclays recently confirmed it was among the members of the ambitious initiative and that its R&D phase was "coming to an end". The cash-backed USC would be converted at parity and could be used as a digital cash instrument to settle transactions.