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Monetary Authority of Singapore Launches Digital Asset Pilot Program 

Daily Market Wrap

  • Crypto market cap: 1.31 trillion, down 0.7%

  • BTC price stands at USD 31,778, up 0.05%

  • ETH price stands at USD 1,935, down 3.09%

  • Top gainer: Holo (HOT), up 10.73%

  • Top loser: Axie Infinity (AXS), down 15.85%

News of the Day

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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About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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