First industry pilot for digital asset and decentralised finance of MAS goes live
2022/11/02 05:15
The Monetary Authority of Singapore (MAS) announced today that the first industry pilot under MAS’ Project Guardian that explores potential decentralised finance (DeFi) applications in wholesale funding markets has completed its first live trades. More industry pilots have been launched to test the application of asset tokenisation and DeFi across a broader range of use cases in the financial sector. Under the first industry pilot, DBS Bank, JP Morgan and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). A live cross-currency transaction involving tokenised JPY and SGD deposits was successfully conducted. In addition, a simulated exercise was performed involving the buying and selling of tokenised government bonds.
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