Return to Question 11

At the current time, as defined in the White Paper, there appear to be discrepancies about what the U.S. CBDC is or will be.

There are three categories of requirements alluded to in the White Paper and identified within the Object Management Group White Paper Analysis:

Some of the “desirements” point to a Digitial Cash Model (see Table 1) and some point to a Digital Account Model (see Table 2. There also seems to be some confusion about what and how Stablecoins fit into the CBDC. Stablecoins are a variation of the Digital Account Model that use a backing of the U.S. CBDC “coins” by the U.S. Dollar (see Table 3.

It is not impossible for the U.S. CBDC to use some combination of all three of these, BUT a clear vision needs to be developed of how the three approaches to a U.S. CBDC can coexist or that only one model be selected. Without this, the U.S. CBDC effort will flounder.

Note: B = Benefit, P = Policy, R = Requirement, D = Design.