On December 5, select members of the Regulated Settlement Network Proof-of-Concept (RSN PoC) hosted a briefing to discuss its findings.
In May 2024, members of the regulated U.S. financial sector launched the Regulated Settlement Network (RSN) Proof-of-Concept (PoC) to explore the feasibility of an interoperable settlement network for multi-asset and cross-network transactions involving tokenized central and commercial bank deposits, U.S. Treasury securities, and other regulated assets on a shared ledger financial market infrastructure (FMI).
In this industry briefing, select members of the PoC provide a detailed overview of the project, its objectives, use cases findings, next steps, and more.
SIFMA served as Program Manager for the RSN PoC, with Deloitte providing advisory services. Legal services were provided by Sullivan & Cromwell, and the core technology was provided and hosted by Digital Asset. Participants in this project include the following institutions: Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF Consortium, Wells Fargo, Visa, and Zions Bancorp.
The RSN infrastructure was able to support precise settlement capabilities across various asset classes within a shared-ledger FMI, demonstrating the scalability and versatility for modern financial transactions. The RSN successfully connected with other third-party networks through interoperability solutions enabling synchronized settlement.
It is likely that RSN could operate under existing legal frameworks. The legal workstream did not identify any issues that would prevent the creation of RSN as contemplated within the PoC, although further analysis and engagement with regulators would be required before any final conclusions can be reached.
In May 2024, the RSN hosted an industry briefing on the PoC launch.
Read the press release and watch a replay of the briefing.