The current phase of trials expands on a 12-week pilot phase that started in late 2022. The test was earlier focused on cross-border and domestic dollar payments between banks.
The partnership between the significant banking giants in the US and Mastercard is aimed at streamlining multiple asset-class settlements on a shared ledger platform.
Currently, securities like investment-grade debt and assets like money from commercial banks function on different systems. Using RSN, settlement procedures will occur on a single platform by converting various assets into tokens and settling them on a distributed ledger. In a statement on May 8, Mastercard said the project is focused on increasing the efficiency of cross-border settlements and reducing the chance of error and fraud.
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