DTCC unveils prototype to support Fed-issued digital dollar

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The Depository Trust & Clearing Corporation (DTCC), one of the largest financial service providers in the U.S., unveiled “Project Lithium” to test infrastructure in support of a U.S. digital currency using blockchain technology.

See related article: 5 US digital dollar pilots launching to chase China’s CBDC lead

Fast facts

Project Lithium is based on blockchain technology and will explore how a central bank digital currency (CBDC) might operate in the U.S. clearing and settlement infrastructure, the DTCC said in a statement on Tuesday.

The prototype “will measure the benefits of a CBDC and inform the future design of the firm’s clearing and settlement offerings,” the company said.

The prototype will also seek to “demonstrate direct, bilateral settlement of digital tokens in real-time delivery-versus-payment scenarios,” the company said.

DTCC, which provides post-trade market infrastructure to financial institutions, is working with the Digital Dollar Project, a non-profit made up of former U.S. regulators, tech leaders and executives from Accenture, and with initial funding from Accenture.

The move comes just a month after President Joe Biden issued an Executive Order placing the “highest urgency” on the research and development of a U.S. CBDC.

See related article: Biden pushes the U.S. on CBDCs in sweeping crypto executive order

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