According to the Daily Planet, UBS, SBI and DBS Bank have executed repurchase transactions (repo) of locally issued digital bonds on a public blockchain as part of Singapore's Project Guardian tokenization trial. These transactions span three jurisdictions: Japan, Singapore and Switzerland. Yen bonds are issued locally on a public blockchain using the UBS Tokenize platform and are settled instantly using yen stablecoins issued by Shinsei Trust & Banking, a subsidiary of SBI. Repo transactions involve borrowing yen with bonds, and the proceeds are used to buy more bonds.