R3's plan to muscle in on the utility settlement coin project didn't go as planned.

Good evening. I'm Mark Hockste. And this is late confirmation from CoinDesk, bringing you the top

stories from September 5th. On today's show, digital currency researchers at the People's Bank of China

are expanding their footprint.

And Ripio is expanding its crypto-powered loan offering across South America.

We'll speak with CoinDesk reporter Brady Dale about an ambitious and expensive plan by

startup civic to boost user numbers.

But first, a word from our sponsor.

Master Financial Technology Online with the 10-week Oxford Fintech program, interacting

with an international cohort of business leaders and over 60 guest experts. You'll gain a

practical introduction to key financial technologies and their business applications.

Find out more at Oxfordexecfintech.com.

R3, one of the most prominent startups in the sector, tried unsuccessfully this summer to muscle in on another blockchain consortium,

the utility settlement coin project, managed by tech vendor Clermatics.

Sources say that in early June, R3 proposed to the USC's bank members that the project

be built on the startup's Corder platform instead of Cldox, which has been building the platform since

the project's inception in 2015. To lure the banks to make this switch so late in the game,

R3 offered to fund the technical development out of its own pocket, and to even pay a share of the

legal fees. However, the idea was unanimously rejected by the 17

consortium members when put to a vote. R3's overture to USC was an attempt to leverage the work

the company's already done with cash settlement on the quarter. Some people say the USC project

could be comparable to what Swift brought in the 1970s to the banking sector

...