The United States Federal Reserve has unveiled its list of certified “early adopters” for its upcoming instant payment system, FedNow. However, the list does not include any blockchain networks, despite previous announcements by two networks stating their intention to connect to the system. The excluded networks, Metallicus’ Metal Blockchain and Tassat’s TassatPay service, had previously been featured on FedNow’s website as potential integrators.
Metallicus still plans to integrate Metal Blockchain with FedNow once it secures the necessary bank sponsorship. Marshall Hayner, the CEO of Metallicus, stated that the company is in communication with the Federal Reserve and the FedNow program administrators while they pursue the appropriate sponsor and focus on building their bank chain technology.
Similarly, Tassat, the creator of the Digital Interbank Network and TassatPay service, had announced integration with FedNow but is also absent from the certified provider list. Cointelegraph reached out to Tassat but did not receive a response at the time of publication.
The Federal Reserve clarified that organizations not currently on the list may become service providers in the future, as the aim is to create a robust network encompassing all 10,000 financial institutions in the United States.
FedNow is an instant payment service being developed to facilitate real-time transfers between U.S. banks, similar to existing systems in the United Kingdom and Europe. Currently, bank transfers within the U.S. are primarily conducted through ACH or wire transfers, which do not offer immediate settlement. FedNow is scheduled for launch in July.
Although some blockchain users have criticized FedNow, perceiving it as a step toward a central bank digital currency (CBDC), the Federal Reserve has explicitly denied any connection between FedNow and a CBDC.
As the financial industry evolves, it remains possible that blockchain networks could be integrated with FedNow in the future. The current list of certified providers represents the initial group of organizations ready to connect with the platform upon its launch.