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Blockchain Beacons: Practical Use Cases Forge Ahead in Wholesale Payments

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18 November 2022
Alenka Grealish

A Regulated Liability Network and FX Settlements

While a conflagration occurs in the crypto speculative markets, regulated payments players are forging ahead with pragmatic use cases for blockchain and smart contracts in wholesale payments.

A Regulated Liability Network

With the objectives to de-risk and accelerate wholesale payments, the Federal Reserve along with eight banks are rolling up their tech sleeves to test a blockchain-based Regulated Liability Network (RLN). A RLN is an interoperable digital money platform which brings together the public sector (central banks) and private sector (regulated entities such as banks and payments processors) onto a single platform and provides atomic settlement (the transaction settles if and only if every leg of the transaction is successful).

What: The proof-of-concept will test an RLN using technology by SETL with Digital Asset and AWS support. RLN’s objective is to be a financial market infrastructure (FMI) that is “multi-asset [and liability], always-on, and programmable and contains digital representations of central bank, commercial bank, and regulated non-bank issuer liabilities, denominated in U.S. dollars” (Federal Reserve Bank of New York). An example of an asset/liability is a tokenized deposit, a digital representation of an existing deposit. All transactions are processed and settled atomically on-chain.

In the future, regulated stablecoins could be included and multiple central banks could participate with the potential to become a global real-time settlement system.

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