Mastercard has partnered with leading U.S. banks such as Citigroup, Visa, and JPMorgan to explore distributed ledger technology for banking settlements through tokenization. This initiative, dubbed the Regulated Settlement Network (RSN), aims to unify the settlement processes of diverse financial assets like Treasurys and investment-grade debt on a single platform. By tokenizing these assets, RSN intends to streamline settlements on a shared ledger, enhancing efficiency across the system. The testing phase, which follows a 12-week pilot that began in late 2022, originally concentrated on managing cross-border and domestic dollar transactions between banks. The current focus has shifted to simulating settlements
