DTCC Building Industry’s First Prototype to Support Digital U.S. Currency in the Clearing & Settlement Process as Part of Digital Dollar Project

April 12, 2022

As part of the Digital Dollar Project, The Depository Trust & Clearing Corporation (DTCC) announced today the development of the first prototype to explore how a Central Bank Digital Currency (CBDC) might operate in the U.S clearing and settlement infrastructure leveraging distributed ledger technology (DLT).

The prototype, known as Project Lithium, will measure the benefits of a CBDC and inform the future design of the DTCC’s clearing and settlement offerings. It will also explore how a CBDC could enable atomic settlement, a conditional settlement that occurs if delivery and payment are both received at the same time.

Willkie senior counsel J. Christopher “Chris” Giancarlo, former CFTC Chairman, is the co-founder and Executive Chairman of The Digital Dollar Project. Willkie partner Elizabeth Gray currently serves as a member of the Advisory Group that serves the Digital Dollar Project.