The Bank of International Settlements (BIS) in collaboration with Bank of England on Wednesday, has announced the release of Project Pyxtrial that monitors stablecoin balance sheet.
The Bank of International Settlements (BIS), in collaboration with the Bank of England, announced the release of Project Pyxtrial, an experimental program that monitors stablecoin balance sheet.
The project, which will be available to regulators through a customizable interface, consists of an Application programming interface (API), a database, and a data model. It will allow regulators to access data from stablecoin hosting sites and blockchains on an hourly basis.
According to the developers, the program does not assess asset quality, the rigour of asset valuations or the quality of the data sources used. Hence supervisors may need to play a role in setting out rules or guidance on data quality.
The information collected by Pyxtrial will be cross-referenced with source data regarding the assets that support the stablecoins. This will allow regulators to be aware of data sent by the issuer and assets received to help flag any inconsistency.
The project promises an easily reusable and repurposed model that can easily adapt to specific regulatory needs. However, the project developers highlighted that the program is yet to be fully ready for launch.
They further noted that the world is not ready for the full capacity of the project; adding that the regulations modalities are still being developed.
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