Bureau of the Fiscal Service (FIT) & National Science Foundation
Office of Financial Innovation and Transformation (FIT)
Fiscal Service’s Office of Financial Innovation and Transformation (FIT) — FIT has partnered with NSF to carry out a proof of concept that provides hands-on experience in how distributed ledger technology can be used to tokenize, transfer, and redeem a Letter of Credit that enables grant recipients and subrecipients (if applicable) to draw down their federal grant awards, streamlines reporting and provides transparency into subrecipients.