The Depository Trust & Clearing Corporation (DTCC) said on Tuesday that it is set to develop a prototype of how a central bank digital currency (CBDC) might work in the US in practice.
The corporation, which provides post-trade market infrastructure for the financial services industry, said in a press release that the model will use distributed ledger technology (DLT) and measure the benefits of a CBDC.
The assignment, dubbed 'Project Lithium,’ comes as part of the digital dollar project (DDP) effort. 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.
Unlike private cryptocurrencies such as bitcoin, a CBDC would be issued and backed by the Federal Reserve, just like US paper dollars and coins.
With this prototype, DTCC says it aims to demonstrate the direct, bilateral settlement of cash tokens between participants in real-time delivery-versus-payment (DVP) settlemen
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