The Wall Street Journal reported that a UBS-led bank group that includes Barclays and Credit Suisse plans to begin using a bitcoin-like token to settle cross-border trades.

According to the Journal, 14 firms have banded together to crease a new company to develop the token they are calling the utility settlement coin (USC). The Journal added the group has collectively invested £50 million ($63.2 million) in the company, Fnality International.