FIS, banks to build digital tokenized money network

FIS (FIS) announced Project Keystone – a network for digital money to be designed and controlled by banks. Developed with six U.S. financial institutions, Project Keystone will enable participating banks to issue, transfer, and settle regulated deposits in digital form, on shared infrastructure they administer themselves. Participating banks include Citizens (CFG), Fifth Third (FITB), Huntington Bank (HBAN), KeyBank (KEY), and M&T Bank (MTB). This group represents different charter types and technology providers, reflecting the breadth of institutions for which Project Keystone is designed to operate. The network will handle real bank deposits in digital form – meaning the money moving through Project Keystone will be regulated and bank-issued – not a new asset class. Transactions will either settle completely or not settle at all, eliminating the partial failures and reconciliation burdens that slow conventional interbank settlement today.