Financial markets around the world are experiencing a paradigm shift as distributed ledger technology and tokenized assets are challenging traditional business models and market infrastructure providers. As the world progresses towards a digital asset future, private and public institutions are continuing to explore benefits and implications across various digital asset use cases. Digital currencies are being introduced to streamline traditional payment networks and provide greater transparency across retail, 批发, and cross border transactions.
与 The Digital Dollar Project (DDP) 以及来自 埃森哲咨询公司我们的新白皮书 Exploring Post-Trade Security 结算 with a U.S. Central Bank Digital Currency, outlines key findings from the Securities 结算 Pilot (formerly known as Project Lithium), the first initiative to explore how tokenized securities and a 批发 central bank digital currency (CBDC) could operate within the U.S. settlement infrastructure leveraging distributed ledger technology (DLT).
试航艇回顾
Earlier this year, 存 joined the DDP to 启动第一个试点 在程序中. 是美国。.S. capital market industry's first exploration of U.S. CBDC in 帖子-trade infrastructure by private sector participants. 存, in collaboration with DDP 以及来自 埃森哲咨询公司, designed and built a prototype to settle tokenized securities with simulated CBDC tokens to understand feasibility, 设计要求, and functional challenges, 市场机会.
实验方法
The pilot focused on exploring the implications of using a U.S.-issued CBDC in 存’s 帖子-trade services. 存 and DDP experimented with CBDC technology in a research development environment without production implications. The team designed and developed a CBDC network that builds upon the work of previous initiatives coordinated by a range of market participants, including private sector players and central banks, which explored the use of a CBDC in 批发 securities settlements.
Related: CBDCs are Coming. Markets Should Adjust Now
结果概述
详情见 纸, the pilot enhanced the DDP’s understanding of CBDC, outlined network connectivity and design choices, identified potential business outcomes and laid out potential opportunities for further exploration of a CBDC settlement use case. An overview of the key outcomes is below:
- CBDC设计方法: Refined the DDP's CBDC champion model requirements to support U.S. 交易后结算
- 网络连接 & 设计选择: Identified design considerations based on the implemented logical architecture
- 业务影响: Found operational benefits and tradeoffs of a potential CBDC settlement system
未来的考虑
The pilot demonstrated how a CBDC could be used by industry participants and 存 in the context of securities settlement. It also identified important questions and helped establish future areas of exploration for a U.S. CBDC,包括:
- Further measure business value for industry participants
- Identify digital ecosystem impacts
- Explore ecosystem adoption requirements
- Refine technology requirements
作为美国.S. dollar is an integral part of the U.S. 以及全球经济, a digital dollar should be carefully explored in consultation with key stakeholders in both the public and private sectors. This pilot with 存 was the first practical exploration of the use of CBDC technology in U.S. 批发 financial markets through direct engagement with market participants. The results of the pilot will hopefully inform private sector participants and U.S. policymakers of the advantages, requirements, and implications of this new technology paradigm.