Several leading US banks, including Citi, JPMorgan, US Bancorp, and Wells Fargo, are collaborating with Mastercard Inc. to pilot a new shared-ledger technology aimed at facilitating the common settlement of tokenized assets.

The initiative, known as the Regulated Settlement Network proof-of-concept, will focus on simulating transactions denominated in US dollars.

By leveraging this innovative technology, the consortium aims to expedite cross-border transactions, enhance transactional efficiency, and mitigate the risks associated with errors and fraud.