The Bank for International Settlements (BIS) and the Bank of England have announced the results of Project Pyxtrial to track reserves of asset-backed stablecoins and tokenized assets. Pyxtrial is described as a proof of concept and is seen as an "important first step".

The system is not fully ready yet, and neither is the world, as regulations are still being created. Pyxtrial consists of a data model, database, and application programming interfaces (APIs). The processed data will be presented to regulators and auditors through a customizable dashboard.

Pyxtrial is designed to collect hourly data from blockchains and platforms hosting stablecoins. This data will be matched with data from issuers about the stablecoins' supporting assets. However, self-reporting from issuers may be inadequate. Pyxtrial users must have the authority to determine the data that should be submitted and the frequency of submission.

A related project, Atlas, can be used to provide some data to Pyxtrial. Atlas collects on-chain data from cryptocurrency exchanges and public blockchains and processes them for the needs of central banks.

Training users will be a challenge. The report authors state that operators need to have comprehensive knowledge of blockchain technology and regulations. On the other hand, Pyxtrial can be easily adapted to track other digital assets.

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