Although two blockchain networks had previously declared their intentions to integrate with the Fed’s instantaneous payment service, neither of them made an appearance on the newly released list of verified providers.

On June 29, the Federal Reserve’s imminent instant payment system, known as FedNow, made public its roster of certified “early adopters”. The entities on this list have been authorized as ready to establish a connection with the platform as it goes live at the end of July. Contrary to previous announcements by two blockchain networks about their planned integrations, no such networks are featured on the list.

However, FedNow officials indicated that some organizations, despite their current absence from the list, may get incorporated later. One such example is Metal Blockchain, which reiterated its commitment to interfacing with the platform once it secures “the appropriate bank sponsor.”

FedNow, a project under the purview of the U.S Federal Reserve, is designed to facilitate instant interbank transfers within the U.S, mirroring similar systems such as the U.K’s Faster Payments and Europe’s Single Euro Payments Area.

Presently, domestic bank transfers in the U.S can only be conducted through ACH or wire transfers, which aren’t settled instantly. FedNow aims to change this and is slated for launch in July.

Two blockchain networks, including Metallicus’ Metal Blockchain, have announced their plans to “connect” to FedNow upon its launch. Back in May, Metallicus’ team claimed that their network would enable instantaneous conversion of cash to stablecoins via its link to FedNow. Moreover, the FedNow’s official site had also briefly featured Metallicus in its “service provider showcase.”

However, the listing was abruptly removed a few days post-announcement. The discrepancy did not go unnoticed, with Twitter user JeffXRP commenting on the peculiarity of its sudden retraction.

The roster of “service providers” made public on June 29 includes ACI Worldwide, ECS Fin, FPS Gold, Open Payment Network among others. However, neither Metallicus nor Metal Blockchain feature on this list.

Metallicus co-founder and CEO, Marshall Hayner, assured in a discussion with Cointelegraph that the company is still focused on integrating Metal Blockchain with FedNow, following the acquisition of suitable bank sponsorship.

Another blockchain network, Tassat, had also declared its intention to integrate with FedNow. As the creator of the TassatPay service and Digital Interbank Network, Tassat envisions its network as a business-to-business private blockchain for commercial banks. Although they were featured on the FedNow website’s “service provider showcase” as of June 30, they too are missing from the certified service provider list of “early adopters.”

In the Federal Reserve’s announcement, it clarified that some organizations not currently on the list could potentially become service providers down the line:

“Beyond the initial adopters, the Federal Reserve continues its collaboration with and onboarding of financial institutions and service providers planning to join later in 2023 and beyond, as a foundational step in cultivating an extensive network aiming to cover all 10,000 U.S. financial institutions.”

FedNow has not been without criticism, particularly from certain blockchain users who perceive it as an incremental move towards a central bank digital currency (CBDC). Claims such as those by U.S. presidential candidate Robert F. Kennedy Jr., suggesting it could result in “financial slavery”, have not been rare. However, in April, the Federal Reserve categorically denied any connection between FedNow and a potential CBDC.