This paper explores whether a new settlement asset in the form of central bank money is essential for a new platform that processes wholesale payment transactions. Central bank money currently exists for wholesale transactions in the form of depository institution balances at the Federal Reserve (Reserve Banks) used for Fedwire® Funds Service (Fedwire).2 Increasing public-sector experimentation with and private-sector usage of distributed ledger technology (DLT) for the transfer of value has led many to ask whether the existing form of central bank money can be used as a settlement asset in DLT transactions. ... (full story)