BIS Innovation Hub launches new stablecoin, CBDC programs


The BIS Innovation Hub has unveiled its 2023 work program, which involves projects on areas such as CBDC, DeFi and stablecoins.  

According to Ledger Insights, Project Pyxtrial at the London Centre will monitor stablecoins to ensure that the backing assets match the stablecoin issuance.

Pyxtrial plans to explore a variety of tools to enable supervisors and regulators to monitor stablecoin systems. The project’s name is based on the Trial of the Pyx, a historical UK process where minted coins were tested to ensure they met specifications.

To date, the BIS Innovation Hub has launched 26 projects, of which 21 are still active. Fifteen of the projects focused on central bank digital currency (CBDC). Two CBDC ongoing projects include Polaris for offline CBDCs out of the Nordic center and Titus in Switzerland.

Titus was launched last year to trial an in-house blockchain testing solution, as well as liquidity savings mechanisms that we suspect may use DeFi, but limited details are available.

Another DeFi solution involves an automated market making for foreign exchange being trialed as part of Project Mariana. Another is Project Atlas to monitor public blockchain DeFi and cryptocurrency systems.

Last year, the Bank of International Settlements Innovation Hub Swiss Centre launched a new project as a prototype CBDC.

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