BTC
$104,646.92
+
0.43%
ETH
$2,541.12
-
0.34%
USDT
$1.0004
+
0.03%
XRP
$2.2077
+
1.27%
BNB
$657.48
-
0.72%
SOL
$156.67
-
1.22%
USDC
$0.9998
-
0.00%
DOGE
$0.1935
-
1.84%
TRX
$0.2664
-
1.17%
ADA
$0.6873
-
1.46%
HYPE
$32.70
-
1.16%
SUI
$3.2799
-
0.58%
LINK
$14.10
+
0.07%
AVAX
$20.91
-
0.98%
XLM
$0.2675
-
0.92%
BCH
$419.21
+
4.11%
LEO
$8.5990
-
2.84%
TON
$3.1195
-
5.77%
SHIB
$0.0₄1281
-
1.21%
HBAR
$0.1691
-
0.61%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Policy
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Chris Giancarlo's Digital Dollar Project Proposes US CBDC Pilots

The proposal games out CBDC scenarios for fundamentally different potential digital currency end users.

By Danny Nelson
Updated Sep 14, 2021, 10:08 a.m. Published Oct 12, 2020, 7:59 p.m.
MOSHED-2020-7-15-10-45-0

The Digital Dollar Project ratcheted up its calls for the U.S. to get serious about a central bank digital currency (CBDC) Monday with the release of nine "pilot" scenarios that it said would put a CBDC to the test.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

  • Accounting for wide swaths of fundamentally different potential digital currency end users (from the rural unbanked to Wall Street's financial giants), the proposal seeks to game out every use case for a U.S. CBDC.
  • For example, one pilot envisions the Depository Trust & Clearing Corporation, which oversees the trillion-dollar plumbing undergirding U.S capital markets, testing atomic settlement procedures for tokenized cash and tokenized securities.
  • Another proposal would seek to “technologically” prove that mobile wallets could comply with stringent federal banking laws even in rural and unbanked communities. Additionally, it would attempt to “functionally” prove that digital wallets are better alternatives to those communities’ existing financial infrastructure.
  • Each situation gets a "current state," a hypothetical "future state" and an accompanying CBDC pilot proposal to highlight specific considerations.
  • None of the proposals are actually in motion yet. Such a move would come from the U.S. Federal Reserve. Stakeholders there have made clear that while a digital dollar is being discussed, it is far from a done deal.
  • Nonetheless, digital dollar proponents said the CBDC pilots will help prompt more nuanced discussions about digital currency's specific challenges.
  • Christopher Giancarlo, former head of the Commodity Futures Trading Commission, leads the project, a collaboration of his Digital Dollar Foundation and the U.S. consultancy Accenture.

Christopher GiancarloDigital DollarCoinFlash
Danny Nelson

Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.

X icon
Danny Nelson
Latest Crypto News
Article image

Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates

May 29, 2025

Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

May 29, 2025

Breaking News

Breaking New test

May 29, 2025

FastNews (CoinDesk)

Fast News test

May 29, 2025

Article image

Ethereum Surges 4% on Massive Volume as Institutional Interest Grows.

May 27, 2025

Article image

test research article

May 22, 2025

Top Stories
President Donald Trump (TheDigitalArtist/Pixabay)

Bitcoin Poised to Top Record as Trump Inauguration Nears, Major Coins Due for 10% Swings: Traders

Jan 16, 2025

SHIB-USD 1-month chart shows 24.57% gain ending at $0.00004146 on May 15

Shiba Inu (SHIB) Price Drops 7% in 24 Hours but Remains Up 25% Over the Past Month

May 15, 2025

Screen Shot 2018-08-12 at 11.22.53 PM

In Rare Decision, ICO Founders Will Delay Crypto Paydays – For a Decade

Aug 13, 2018

(CJ/Unsplash)

XRP Futures Start Trading on CME

May 19, 2025

Tax sign (The New York Public Library/Unsplash)

Crypto Capital Gains and Tax Rates 2022

Nov 14, 2022

Swap

Atomic Swaps: What Are They & How Do They Work?

Jan 11, 2024

Only 2 articles remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus Hong Kong
        • Consensus 2026
        • CoinDesk: Policy & Regulation
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk