by Brian Maher
Daily Reckoning
The most interesting news is often buried in the back pages…
CNBC yawned the other day that four of the world’s largest banks — the Swiss bank UBS, Deutsche Bank, Spanish Santander Bank and BNY Mellon — have teamed up to create something they call the “Utility Settlement Coin (USC).”
What in bloody blue blazes is that? A new way to pay the water bill?
No. It’s a new form of digital money, like Bitcoin. But for banks. These banks believe it will “become an industry standard to clear and settle financial trades over blockchain, the technology underpinning Bitcoin.”