S&P Global Ratings has joined the Monetary Authority of Singapore’s Project Guardian, a two-year initiative exploring the role of asset tokenization in financial markets. S&P Global will participate in fixed income pilot projects, contributing its risk perspective and insights. Project Guardian, launched in May 2022, is conducting foreign exchange and bond transactions against liquidity pools of tokenized bonds and currencies, and developing a listing framework for debt securities. S&P Global is the 24th member of the project's industry group, predominantly composed of large banks and asset managers.