Today the DTCC and the private sector Digital Dollar Project (DDP) shared the results of their Securities Settlement Pilot using two blockchains. One distributed ledger (DLT) was for the simulated central bank digital currency (CBDC), and the other was for tokenized securities on the prototype DTCC Digital Settlement Network. A distinguishing feature of the pilot is it retains a role for a central counterparty, which some blockchain solutions seek to remove.
The Digital Dollar Project is a private initiative founded in January 2020 by Accenture and former Chair of the Commodity Futures Trading Commission (CFTC) J. Christopher Giancarlo’s Digital Dollar Foundation. Last year Accenture agreed to fund five of the DDP’s CBDC pilot programs. Turning to the DTCC, its subsidiaries processed $2.4 quadrillion in securities transactions in 2021.
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