A virtual currency initiative led by UBS Group AG has gained six new members, including banks Credit Suisse and Barclays, to further develop the initiative’s Utility Settlement Coin project.

Other members joining the roster, announced yesterday, include HSBC Holdings, State Street Corp., Mitsubishi UFJ Financial Group, and the Canadian Imperial Bank of Commerce.

The project, which is aimed at creating a digital currency (the Utility Settlement Coin, or USC) that could be used for speedier, more efficient payments and settlements in capital markets, has been steadily gaining members since its inception in 2015 by UBS.  Banco Santander, Bank of New York Mellon, and Deutsche Bank, among others, all joined the initiative in August 2016.

The initiative plans to have the USC currency launched by the end of next year; with its new members, the group will also be focusing on deepening its connections with central banks and financial regulators, as well as the continued development of the currency.

Read more at Bloomberg, FNLondon, and the Financial Times.