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🎁 Gate APP has been updated to the latest version v8.0.5. Share your authentic experience on Gate Square for a chance to win Gate-exclusive Christmas gift boxes and position experience vouchers.
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FedNow, the Federal Reserve's upcoming instant payments system, recently released a list of certified "early adopters". The listed organizations have been confirmed to be ready to connect to the platform when it goes live at the end of July. No blockchain networks are on the list, although at least two of them have already announced that they will connect to the instant payment system.
However, the FedNow service noted that some organizations not listed may be integrated later. Metal Blockchain, on the other hand, said it plans to connect to the platform once it gets the appropriate bank sponsor.
Blockchain networks are not listed on FedNow
As it is known, FedNow is an instant payment service under development by the US Federal Reserve. The Federal Reserve argues that this service will enable instant transfers between banks in the US, just like the UK's Faster Payments and Europe's Single Euro Payments Area systems.
Currently, bank transfers within the US can only be made via ACH or wire transfer, which unfortunately are not processed instantly. It was also stated that FedNow is expected to be operational in July.
On the other hand, at least two blockchain networks have announced that they will be included in FedNow when it is released. One of them was Metallicus' Metal Blockchain. The Metallicus team stated last May that its network will allow instant conversion of cash to stablecoins through connectivity with FedNow. At the time, FedNow's official website also listed Metallicus on its service provider showcase, providing further evidence that integration would happen.
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