Episode 31 of DigFin VOX features Jennifer O’Rourke, head of digital design and innovation at DTCC, the Deposit 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.
- 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.)