Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
The Monetary Authority of Singapore (MAS) along with several retail banks successfully completed a few trades using tokenized assets in an effort to test the use of decentralized finance (DeFi) in the wholesale funding markets.
Singapore’s central bank said on Wednesday that DBS Bank, JPMorgan (JPM) and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of a basket of tokenised assets. The tokenised assets included Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen and Singapore Dollar.
The pilot programme also completed a live-currency transaction using tokenised versions of the Yen and the Singapore Dollar.
The successful trades represent a significant step for DeFi, where financial activities are carried out on a blockchain without the use of third parties, and its application in wholesale funding market, which are used by banks to maintain liquidity.
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Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
