The infrastructure that supports the US dollar is not just a national asset but a global public good. In order to meaningful test the risks and benefits of very digital monetary innovations, the Digital Dollar Project focuses on real world testing to gathering empirical evidence to inform and support the policy and technology decisions that must be made by the public and private sector. The initiative convenes key subject matter experts and private sector stakeholders to further advance education and understanding across the financial ecosystem and inform emerging standards and policies for a CBDCs and other digital assets.
At the heart of the Digital Dollar Project lies a commitment to securing the enduring value and global influence of the US dollar. Recognizing its pivotal role as the cornerstone of the world’s economy, we are dedicated to ensuring the dollar remains at the forefront of financial innovation. As nations around the globe and various stakeholder organizations delve into the potential of CBDCs, we believe the United States must take proactive steps. By exploring and piloting a US digital dollar across a diverse array of use cases, we aim to future-proof our currency, enhancing its utility and relevance in both domestic and international spheres.
The Digital Dollar Project seeks to further digital money innovations for the collective good of all U.S. users, at home and abroad.
The Digital Dollar Project maintains a stance of neutrality, focusing on the technology’s potential without prescribing a specific policy agenda, ensuring its developments are guided by the needs and benefits to the public rather than any particular ideology.
All experimentation is conducted in a manner that is complimentary and not conflicting or duplicative of work being done under the auspices of the U.S. Federal Reserve Board and its Regional Federal Reserve Banks.
The Digital Dollar Project designs and builds pilots with a variety of technology vendors to understand how different solutions best meet functional requirements, with technology choices being dictated by the needs of each pilot hypothesis.
Amidst an ever-evolving international payments landscape, retail cross-border remittances serve as a critical lifeline for millions of family members and loved ones worldwide who receive payments from US-based customers. The pilot study, executed in concert with a leading, technology-driven global payments player, evaluated the potential benefits of utilizing CBDCs for cross-border remittances. Participants designed and configured a platform leveraging distributed ledger technology (DLT) to simulate the payments infrastructure necessary to transfer digital dollars to Philippine pesos.
The Digital Dollar Project, in collaboration with The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry and support from Accenture outlines key findings from the pilot (formerly known as Project Lithium), the first private sector initiative to explore how tokenized securities and a wholesale CBDC could operate within the U.S. settlement infrastructure leveraging distributed ledger technology. The pilot included participation from leading market participant firms including Bank of America, Citi, Nomura, Northern Trust, State Street, Virtu Financial and Wells Fargo.
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