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The DTCC has unveiled a prototype to enable the Federal Reserve’s digital currency

The Depository Trust & Clearing Corporation (DTCC), one of the leading financial service providers in the United States, has announced “Project Lithium,” a pilot program to test infrastructure in support of a digital currency based on blockchain technology in the United States.

The DTCC stated in a statement on Tuesday that Project Lithium is based on blockchain technology and will investigate how a central bank digital currency (CBDC) might operate in the US clearing and settlement infrastructure.

According to the corporation, the prototype would “evaluate the benefits of a CBDC and shape the future”

” design of the firm’s clearing and settlement solutions.”

According to the business, the prototype would “show direct, bilateral settlement of digital tokens in real-time delivery-versus-payment scenarios.”

The Digital Dollar Project, a non-profit made up of former US regulators, IT leaders. Then, and Accenture executives, is collaborating with DTCC, which offers post-trade market infrastructure to financial institutions. That’s, with initial support from Accenture.

The action comes just a month after President Joe Biden signed an Executive Order. Thereby, stating that the study and development of a US CBDC is of “utmost importance.”

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