The US Federal Reserve has announced that its long-awaited instant payments system, FedNow, will launch in July. The system will allow payments to be settled within seconds between merchants, consumers and banks without using blockchain technology. The program has been seen as an alternative to central bank digital currencies (CBDCs) and stablecoins, and is expected to provide round-the-clock, real-time gross settlement. The Federal Reserve plans to onboard as many financial institutions as possible to increase the availability of instant payments.