Worlds Largest Banks Heading For Crypto

Several of the world's largest banks have today revealed a series of steps to advance a project aimed at making it easier for central banks to issue currencies on a blockchain.

Seems they be dead in the water by 2018.

Called Utility Settlement Coin (USC), the project is designed to help prepare the way for central bank cryptocurrencies by making it easier for global banks to conduct a wide variety of transactions with each other using collateralized assets on a custom-built blockchain.

I wonder what this means for ripple who has been focusing on bank transfers.