The Bank of Ghana (BOG) and Monetary Authority of Singapore (MAS) have successfully tested a proof-of-concept for the Digital Economy Semi-Fungible Token (DESFT) Project. Aimed at boosting trade among small and medium enterprises in both countries, the project utilized the Universal Trusted Credentials semi-fungible token protocol. Live transactions were conducted using a stablecoin pegged to the Singapore dollar and BOG's e-cedi central bank digital currency. The project's future focus will be on supply chain finance and multi-digital currency payments.