The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
The Bank for International Settlements (BIS) and Bank of England have released the results of their Project Pyxtrial to monitor the reserves of asset-backed stablecoins and tokenized assets. Pyxtrial is described as a proof-of-concept and an “important first step.”
The system is not entirely ready for launch and, as its creators noted, the world isn’t ready for it either, as the regulations it would help enforce are largely still being formulated.
The solution is made up of a data model, database and application programming interfaces (APIs). Processed data would be available to regulators and supervisors through a customizable dashboard. The system is not completely automated:
