MAS Completes Its First Digital Asset Live Trades Under Project Guardian

MAS Completes Its First Digital Asset Live Trades Under Project Guardian

by November 2, 2022

The Monetary Authority of Singapore (MAS) announced that Project Guardian, its project exploring decentralised finance (DeFi) applications in wholesale funding markets, has completed its first live trades.

The trades were conducted under Project Guardian’s first industry pilot which saw DBS, JP Morgan and SBI Digital Asset Holdings conduct a live cross-currency transaction with tokenised JPY and SGD deposits.

A simulated exercise involving the buying and selling of tokenised Singapore government securities bonds, Japanese government bonds was also performed.

MAS also announced the launch of two new industry pilots in the areas of trade finance and wealth management.

The first pilot, which involves Standard Chartered Bank, aims to digitise the trade distribution market by transforming trade assets into transferable instruments.

The second pilot involves HSBC and UOB working with digital markets infrastructure provider Marketnode to enable native digital issuance of wealth management products.

Sopnendu Mohanty

Sopnendu Mohanty

“The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets.

 

Project Guardian has deepened MAS’ understanding of the digital asset ecosystem and has contributed to the development of Singapore’s digital asset strategy,”

said Sopnendu Mohanty, Chief Fintech Officer, MAS.

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