Monetary Authority of Singapore Launches Digital Asset Pilot Program
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News of the Day
The Monetary Authority of Singapore has launched a digital asset pilot program, called Project Guardian.
Why it matters:
Singapore’s central bank, called the Monetary Authority of Singapore (MAS), launched Project Guardian to explore use cases for asset tokenisation
The Project Guardian initiative, which was announced during the Asia Tech x Singapore Summit on Tuesday, will test the feasibility of applications in asset tokenisation and DeFi while managing risks to financial stability and integrity
The pilot will be led by JPMorgan, DBS Bank, and Marketnode to create a permission liquidity pool comprising tokenised bonds and deposits
Crypto daily spotlight
Brief introduction: Launched in June 2016, Waves is a multi-purpose blockchain platform supporting various use cases including decentralised applications (DApps) and smart contracts. Similar to other layer-1 blockchains, it allows for the creation and trade of crypto tokens without the need for extensive smart contract programming.
Why it matters:
Waves Tech, the team that has developed the Waves blockchain, announced a revival plan on 27 May after a massive sell-off of USDN, Waves’s native algorithmic stablecoin
According to the revival plan, some measures such as daily withdrawal limits and “adaptive” borrowing, and withdrawal limits for Vires Finance, a lending protocol on Waves, have already been implemented
Other measures, such as new incentive mechanisms to improve the demand for USDN, will also be available for the community to vote
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