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The Bank of International Settlement (BIS) — via its innovation hub — said it would launch a stablecoin monitoring system Project Pyxtrial, according to a company report.
The BIS innovation hub — launched in 2019 — partnered with Central Banks globally to complete approximately 5 Central Bank Digital Currency (CBDC) projects, with 21 still in the works, according to the report.
Project Pyxtrial for Stablecoins
The BIS said its focus for the year would include launching Project Pyxtrial — a platform designed to enable the systemic monitoring of stablecoins.
Project Pyxtrial will help avoid asset-liquidity mismatch by enabling the systematic monitoring of stablecoin balance sheets.
Pyxtrial will also help regulators and supervisors to build policy frameworks based on integrated transaction data.
Increasing CBDC experiment
The BIS noted that the increased interest of central banks in G20 countries for CBDC has called for more experiments to improve the existing payment system.
As a part of its 2023 focus, the BIS said it would increase the integration of its global network with more cross-country CBDC projects — experimenting more with retail CBDCs.
The retail CBDC solution will experiment with Aurum (a two-tiered distribution model), Rosalind (open API ecosystem), Polaris (for cyber security), and Tourbillion (for scalability and privacy).
The post BIS set to launch stablecoin monitoring system ‘Project Pyxtrial’ appeared first on CryptoSlate.
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