What is USC?

Utility Settlement Coin is a “auxiliary coin for settlement operations”, developed in 2015 by Swiss bank UBS and IT company Clearmatics Technologies.

USC was conceived as a digital analogue of fiat currency, with which you can perform various payment transactions instantly. Further, the user can exchange USC for fiat money, without waiting for the financial settlement of the transaction.

In 2016, Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street joined the project. In 2017, they planned to launch a project for clearing and settlement of securities transactions.

Since 2016, UBS has not released any releases on the topic of USC, however, the section on the blockchain and the coin on the bank’s website still works.