MAS to launch more industry pilots soon
The Monetary Authority of Singapore shared that its first industry pilot for digital asset and decentralised finance under Project Guardian is now live, and has completed its first live trades.
Last May, Project Guardian was launched to explore the economic potential, as well as the value-adding use cases of using assets as tokens.
In the pilot, DBS Bank, SBI Digital Asset Holdings, and JP Morgan conducted foreign exchange and government bond transactions against liquidity pools. These were comprised of tokenised Japanese Government Bonds, Singapore Government Securities Bonds, Singapore Dollar, and Japanese Yen.
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Since the launch of Project Guardian, MAS has also studied the regulatory and risk management implications of tokenised asset transactions. It has also developed technology standards that support interoperability across the digital asset ecosystems for the potential facilitation of cross-currency transactions of tokenised assets on a global scale.
According to MAS, it will be launching more industry pilots in the future to test the application of DeFI and asset tokenisation across more cases in the finance sector.
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