Official announcements from G7 countries

BIS and Bank of England Launch Project Pyxtrial for Real-Time Stablecoin Reserve Monitoring

Aug 1, 2024, 01:02 AM

The Bank for International Settlements (BIS) and the Bank of England have launched Project Pyxtrial, a proof-of-concept system aimed at monitoring the reserves of asset-backed stablecoins and tokenized assets. This initiative introduces real-time tracking of stablecoin reserves by gathering hourly data from blockchains. The project enables supervisory authorities to monitor the balance sheets of stablecoins, highlighting the potential for collaboration between regulators, technologists, and issuers to enhance transparency and supervision in the stablecoin market.