In 2023, the BIS Innovation Hub in London and the BofE (Bank of England) embarked on Project Pyxtrial to explore how technology can help regulators monitor asset-backed stablecoins’ balance sheets
Bank of England (BoE) and the Bank for International Settlements (BIS) Innovation Hub in London have completed Project Pyxtrial, an initiative to explore how technology can aid regulators in monitoring the balance sheets of asset-backed stablecoins.
The project aimed to provide regulators with near real-time data on stablecoins’ liabilities and backing assets to assess their adequacy and potential impact on financial stability.
A data analytics pipeline was developed to automate the collection, storage, and analysis of information from stablecoin issuers, enabling continuous monitoring and improving regulatory efficiency.
The modular design of the system allows it to be repurposed for monitoring other asset-backed tokenised products, highlighting its potential for closing regulatory gaps and ensuring oversight frameworks evolve alongside the digital financial landscape.
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