The Digital Dollar Project today announced the publication of its latest whitepaper which explores years of research on the need to digitally modernize the U.S. Dollar, preserve US Dollar primacy and ...
Outlines limitations of existing financial infrastructure and benefits of digital modernization
Identifies digital instruments such as stablecoins, tokenized deposits, and non US-CBDCs as components of digital modernization of the US Dollar
Defines the collaboration needed between the public and private sectors to preserve the Dollar’s prominence amongst digital currency networks of the 21st Century
WASHINGTON: The Digital Dollar Project today announced the publication of its latest whitepaper which explores years of research on the need to digitally modernize the U.S. Dollar, preserve US Dollar primacy and integrate new technologies to create efficiencies in the US financial system.
The digital asset revolution of the past several years has thrust the evolving world of modern money into the spotlight. Despite these advancements, the technology through which the Dollar currently operates is quickly demonstrating limitations in an increasingly digital world. Following years of research and collaboration on this changing dynamic, the Digital Dollar white paper presents a review of emerging technologies and their potential to power digital modernization.
“Payment vehicles continue to expand from fungible cash bills and electronic notes to unique, stable digital currencies such as tokenized deposits, stablecoins, and foreign CBDCs,” said Chris Giancarlo, co-founder of The Digital Dollar Project. “Because of this, examination and exploration of US dollar modernization is critical to America’s ability to compete in the global economy of the digitally networked twenty-first Century.”
Cognizant of the January 23, 2025 White House Executive Order prohibiting US federal agencies from undertaking any action to establish, issue or promote central bank digital currencies (CBDCs), the Digital Dollar Project white paper does not champion any particular Digital Dollar infrastructure, but fairly analyzes a range of innovations believing that the global future will include “all of the above”: tokenized deposits, stablecoins, foreign CBDCs and centralized and decentralized digital assets. The whitepaper addresses the business case for digital modernization processes, including reductions in cost and risk and dramatic improvements in transaction speed and collateral efficiency. It provides numerous examples of private sector developments and innovation to demonstrate these benefits. It suggests that the most important outcome is to reinforce the dollar’s status as the world’s reserve currency reflecting the virtues of financial opportunity and economic liberty for which it has historically stood.
The headway made by the private sector demonstrates that competition is the best facilitator of innovation, with one caveat being the risk of impeding network development and interoperability. With this in mind, the paper makes a number of recommendations to support modernization, including:
Daniel Gorfine, co-founder of The Digital Dollar Project, said, “As tokenized forms of fiat currencies gain broader adoption, it is critical that the U.S. play a leading role in establishing standards and frameworks that ensure the primacy of the Dollar—and all that it represents. This will require active collaboration between a broad cross-section of stakeholders, and our goal for this white paper is to help inform and advance related discussions.”
The Digital Dollar Project white paper was prepared in consultation with its advisory group of economists, business leaders, technologists, innovators, lawyers, academics and consumer advocates and in joint collaboration with Accenture, David Kretz Consulting, and Oliver Wyman.
The Digital Dollar Project encourages you to view the white paper in its entirety at https://digitaldollarproject.org/publications-news/.
About The Digital Dollar Project
The Digital Dollar Project is a neutral, non-profit forum focused on exploring digital innovation in money and future-proofing the U.S. Dollar in a world of decentralized and centralized, sovereign and non-sovereign digital currency networks. The Digital Dollar Project does not call for the ready deployment of a US CBDC—or digital dollar – but does encourage the U.S. to assert principled leadership in CBDC experimentation at home and digital currency standard setting abroad that is consistent with U.S. norms, values, and the rule of law. Visit https://digitaldollarproject.org/.
Fonte: Business Wire
Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for…
G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes
Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries
Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing…
$CTEV #CTEV--Claritev Corporation (“Claritev” or the “Company”) (NYSE: CTEV), a technology, data and insights company focused on making healthcare more…
Hawk, the leading provider of AI-powered anti-money laundering (AML), screening and fraud prevention solutions, has today announced that it has been recognized…
The "B2B E-Commerce Market, Marketplaces and Payments Trends 2024" report has been added to ResearchAndMarkets.com's offering. AI, blockchain, and SaaS…
#AI--Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, has launched a research study examining…