ten institutions recently completed a simulated test of the Regulated Settlement Network (RSN) to explore the use of shared DLT networks for settlement of tokenized transactions. This is an extension of the Regulated Liability Network test conducted last year, which included tokenized commercial bank currency and tokenized central bank currency on the same network. Tokenized government bonds and investment-grade bonds were also settled on the shared ledger in this test, enabling wholesale transactions to be settled on a delivery-versus-payment basis. The test also explored interoperability with external DLT networks. SIFMA served as the coordinator for participating institutions, which included Citibank, JPMorgan, Mastercard, Swift, TD Bank, Bank of America, USDF, Wells Fargo, Visa, and Zions Bancorp, led by SIFMA.