Major financial institutions in America 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 notable members such as Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Deloitte will provide advisory services, while two other unnamed vendors will offer technology infrastructure and legal analysis. SIFMA will act as the project manager for the program. The RSN PoC aims to create an interoperable network for multi-asset transactions on a programmable shared ledger that operates 24/7. It builds on the results of a previous industry PoC and will be conducted in a test environment, simulating multi-asset transactions in U.S. dollars. The goal is to identify opportunities to enhance the operation of multi-asset settlements for domestic users of U.S. dollar-denominated financial instruments. Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, emphasized the importance of collaboration between public and private organizations to explore blockchain technology’s applications in solving real-world problems and improving efficiencies. Some leaders in the crypto industry have predicted that the traditional financial sector will adopt blockchain and tokenized transactions. Sergey Nazarov, creator of Chainlink (LINK), stated that the global financial system’s transition to blockchain and smart contracts, powered by oracle networks, is already underway and inevitable.