👉👉👉 #S&P Global joins Singapore's Project Guardian tokenization trials
S&P Global Ratings has joined the Monetary Authority of Singapore's (MAS) ambitious Project Guardian, which focuses on exploring asset tokenization's potential to enhance financial market liquidity and efficiency.
Project Guardian, initiated by MAS in May 2022, aims to establish standards and policy guidelines while fostering a commercially viable digital asset ecosystem. S&P Global will actively participate in fixed-income pilot projects within this framework. Andrew O'Neill, S&P #digitalassets analytical lead, emphasized their role in contributing risk perspectives to ensure robust risk mitigation in applying this technology across financial markets.
The project's current initiatives include conducting foreign exchange and bond transactions leveraging liquidity pools of tokenized assets, such as bonds and currencies. It also involves exploring repurchase agreements using digital bonds, developing frameworks for listing debt securities, and launching initial token offerings for digital tokens on the Singapore Exchange.
Project Guardian, initially involving JP Morgan, DBS Bank, and SGX Venture Marketnodes, now includes S&P Global as its 24th member. It comprises a diverse group of large banks, asset managers, and policymakers from the UK, Japan, Singapore, Switzerland, France, and the International Monetary Fund, alongside international associations.
A notable achievement of Project Guardian includes JP Morgan's execution of a live cross-border transaction in November 2022 using tokenized Singapore dollars and Japanese yen on the Polygon blockchain. This marked a significant milestone as the first major bank to conduct a decentralized finance trade on a public blockchain.
Emerging from the project is the deposit token, a #stablecoin supported by regulated intermediaries, praised for stability & its potential to integrate central bank digital currencies into banking systems, backed by the Swiss Bankers Association & JP Morgan.
Source - cointelegraph.com
