Major financial institutions in the United States have come together to launch a new initiative aimed at exploring an on-chain settlement system for tokenized cash and assets. The Securities Industry and Financial Markets Association (SIFMA) announced the launch of the Regulated Settlement Network (RSN) proof-of-concept (PoC), which will investigate the feasibility of a shared ledger for settling tokenized commercial bank money, wholesale central bank money, U.S. Treasury securities, and other tokenized assets. The program includes participants such as Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Deloitte, a Big 4 accounting firm, will provide advisory services, while two unnamed vendors will offer technology infrastructure and legal analysis. SIFMA will serve as the project manager. The RSN PoC seeks to establish an interoperable network for multi-asset transactions on a programmable shared ledger that operates 24/7. The project will build on the results of a previous proof-of-concept and aims to improve the settlement of tokenized cash and securities. The PoC will be conducted in a test environment, simulating multi-asset transactions in U.S. dollars. Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, stated that the application of shared ledger technology to dollar settlements could revolutionize market infrastructures, making settlements programmable, frictionless, and available around the clock. Some leaders in the crypto industry have predicted the traditional financial sector’s adoption of blockchain and tokenized transactions. Sergey Nazarov, the creator of Chainlink, believes that the global financial system is transitioning into the blockchain/smart contract format, facilitated by oracle networks.