February 2026
Contrasting Ledgers: Considerations for U.S. Dollar Interbank Payment Systems
Melissa Leistra
Abstract:
This paper describes the current U.S. dollar interbank payments landscape and identifies its key characteristics. It then discusses major considerations and potential tradeoffs that various conceptual alternatives might raise.
Keywords: Payment systems, Settlement, Shared ledgers, Trade-offs
DOI: https://doi.org/10.17016/FEDS.2026.011
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Last Update:
February 25, 2026
