JPMorgan, DBS Bank, and SBI have completed their first live trades on a public blockchain using decentralized finance (defi) under the supervision of Singapore's central bank.
JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance , tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore . Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB.
The second pilot focuses on wealth management. “HSBC and UOB are working with Marketnode to enable native digital issuance of wealth management products, enhancing issuance efficiency and accessibility for investors,” the central bank described. Project Guardian has deepened MAS’ understanding of the digital asset ecosystem and has contributed to the development of Singapore’s digital asset strategy.
He described: “This is a massive step forward towards a future where finance can take place in a compliant manner on public blockchain using public defi protocols. The beginnings of Institutional defi are here.” Lobban added:
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