On June 3rd, major banks in Japan, the United States and Europe are developing blockchain-based digital currencies that can be used to settle offshore remittances in real time and reduce transaction costs by reducing intermediaries. The project will be operated by Fnality International with 14 banks involved in the investment, including Japan's MUFG Bank and Sumitomo Mitsui Banking Corporation (SMBC). It is reported that Japanese banks donated hundreds of millions of yen. Fnality will set up an account with the participating central bank to issue utility settlement tokens (USC). The system will initially use the US dollar, the euro, the pound, the yen and the Canadian dollar. Fnality plans to speed up negotiations with central banks and plans to release the first USC by the end of 2020. Remarks: According to a Reuters report in May, people familiar with the matter said that several of the world's largest banks are investing about $50 million to create a digital cash system that uses blockchain technology to settle financial transactions. According to people familiar with the matter, about a dozen banks are investing in a new entity called Fnality, which will run the project. However, the transaction has not yet been finalized, so details may change and the new system may be launched in 2020. Banks that are working on the pre-project include UBS, Barclays and HSBC Holdings.