Stablecoin

Bank

USDC

The Bank of International Settlements (BIS) in collaboration with the Bank of England announced the release of Project Pyxtrial which monitors the stablecoin balance sheet.&nbsp; 
The joint experiment program is a proof-of-concept project that comprises an Application programming interface (API), a database, and a data model which will be made available to regulators via a customizable interface. According to the developer: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Pyxtrial does not assess asset quality, the rigour of asset valuations or the quality of the data sources used. Hence supervisors may need to play a role in setting out rules or guidance on data quality. 
</blockquote> 
According to <a href="https://www.bis.org/publ/report_pyxtrial.pdf" target="_blank" rel="noreferrer noopener nofollow">BIS’s report</a>, Pyxtrial is made to collect data from stablecoin hosting sites and blockchains on a per-hour schedule. The information is then cross-referenced with source data regarding the assets that support the stablecoins. This will allow regulators to be aware of data sent by the issuer and assets received to help flag any inconsistency.&nbsp; 
While the project promises an easily reusable and repurposed model that can easily adapt to specific regulatory needs, the project developers highlighted that the program is yet to be fully ready for launch.&nbsp; 
They further noted that the world is not ready for the full capacity of the project; adding that the regulations modalities are still being developed. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/01/usdc-trading-volume-hits-135b-in-july-ccdata-report/">USDC Trading Volume Hits $135B in July: CCData Report</a> 
</blockquote>

BIS, Bank of England Introduces Project Pyxtrial to monitor Stablecoin

The Crypto Times

Other articles published on Aug 1, 2024

Bitcoin Miners With AI Exposure Stumble While Traditional Players Thrive: What's Behind July's Sh...

Sony Crypto Exchange: Sony’s Bold Move into Cryptocurrency Trading and Web3

Top 3 Solana Tokens to Buy During the August Dip

Floki Inu’s New Bitstamp Listing: Is it a Catalyst for Success in the World’s Best Crypto Presales?

CryptoQuant: Whales Prepare for Altcoin Boom with Rising Buy Orders

Mt. Gox Distributes Assets to 17,000 Creditors as Bitcoin Falls 3%

Join our free newsletter for daily crypto updates!