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Digital-dollar pilots | Jennifer O’Rourke, DTCC

DTCC’s Jennifer O’Rourke discusses Project Lithium, designed to support an eventual digital dollar.



Jennifer O'Rourke, DTCC

Episode 31 of DigFin VOX features Jennifer O’Rourke, head of digital design and innovation at DTCC, the Depository Trust Clearing Corporation. DTCC is responsible for the post-trade processing of securities in the U.S. and has been among the first financial institutions to experiment with blockchain and other technologies.

Following a series of pilots looking at private markets and digital assets, DTCC is now embarking on “Project Lithium”, to test how it would handle a digital dollar, should the Federal Reserve Bank mint its own digital currency.

O’Rourke spoke with DigFin’s Jame DiBiasio about the thinking behind DTCC’s projects, why it continues to support blockchain-based infrastructure, and how it regards some of the pioneering work in CBDCs being done in Asia.

  • Timecodes:
  • 0:00 – Jennifer O’Rourke, DTCC
  • 1:10 – Impact of innovation on financial services
  • 2:55 – Lessons from previous blockchain experiments
  • 5:01 – Why blockchain technology?
  • 7:19 – Project Lithium and supporting a digital dollar
  • 9:10 – Versus modernizing America’s legacy infrastructure
  • 12:33 – Industry demand for instant settlement
  • 16:02 – What comes first, digital securities or digital cash?
  • 19:20 – Interoperability among CBDCs and other assets
  • 21:40 – Lessons from Asia’s pilots
  • 24:29 – How to create standards with new tech
  • 27:30 – Immutability, and public vs private chains
  • 29:31 – Stablecoins and regulation
  • 32:20 – How to measure Lithium’s success
  • 25:42 – Is the US at risk of falling behind China?

(Note: at 9:20, DiBiasio references the U.S. moving from T+3 to T+2 settlement time. The U.S. is moving from T+2 to T+1.)

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