Credit rating giant Moody's announced on Wednesday that it is working with the Monetary Authority of Singapore's Project Guardian, a public-private tokenization partnership aimed at improving market efficiency. The company plans to provide risk analysis for Project Guardian, which will be launched in 2022. Specifically, Moody's will focus on fixed-income products-including stablecoins, tokenized deposits, fractional funds and other digital asset securities. Rajeev Bamra, head of digital economy strategy at Moody's, said that in essence, tokenization combines digitalization with physical assets, redefining traditional asset ownership and trading frameworks. With a complex technical framework and a streamlined or interoperable infrastructure, tokenization has the potential to promote significant growth.