Episode 22: The Digital Dollar Opportunity

Stablecoins have captured the imaginations of central bankers around the world. The power and efficiency of digital versions of local currencies on blockchains, and the promise of a more transparent and accessible financial system, have led nearly every central bank on the planet to launch a central bank digital currency (CBDC) initiative. While most of these efforts have focused on research, planning, and proposals, private sector stablecoins have been in the market for years and have seen incredible growth. From trade finance, to remittances, to cross-border business payments, digital dollar stablecoins have seen the fastest growth as macro conditions accelerate dollarization across the globe. To take one example, USD Coin (USDC), a fully-reserved and regulated US dollar stablecoin, recently topped 500% growth in market capitalization this year alone.  With China's CBDC beginning to roll out, and imminent launch of Facebook's Libra payments network, and increased attention on Capitol Hill around the distribution of COVID-related aid and financial inclusion, digital dollar initiatives at the Fed are in the spotlight.  To help unpack these topics and examine the intersection between CBDC and private sector digital dollar stablecoins, we're joined this week by Chris Giancarlo, Director of The Digital Dollar Project, a partnership between Accenture and the Digital Dollar Foundation focused on advancing the exploration of a United States Central Bank Digital Currency (CBDC). Chris Senior Counsel to the law firm Willkie Farr & Gallagher and the former Chairman of the U.S. Commodity Futures Trading Commission (CFTC).  Mr. Giancarlo also served as a member of the Financial Stability Oversight Committee (FSOC), the President’s Working Group on Financial Markets, and the Executive Board of the International Organization of Securities Commissions (IOSCO).  We are honored to have Chris on the show for what promises to be an exciting and wide-ranging conversation.   Live on YouTube Thursday October 8th at 1p ET, Watch each week live on YouTube, and be sure to subscribe on Apple Podcasts,  Spotify and YouTube.