The BIS has announced a new project named Pyxtrial aimed to develop a platform to monitor stablecoin balance sheets.
According to a corporate release, the Bank of International Settlement (BIS) announced through its innovation hub that it would introduce the Project Pyxtrial stablecoin monitoring system.
According to the paper, the BIS innovation hub, which was established in 2019, collaborated with Central Banks from around the world to execute about 5 Central Bank Digital Currency (CBDC) projects, with 21 more still under development.
Project Pyxtrial, a platform that enables the systemic monitoring of stablecoins, will be launched this year, according to the BIS. By enabling the systematic monitoring of stablecoin balance sheets, Project Pyxtrial will aid in preventing asset-liquidity mismatch.
Additionally, Pyxtrial will assist supervisors and regulators in developing policy frameworks based on integrated transaction data. The Bank of International Settlement emphasized that further trials are needed to enhance the current payment system in light of the G20 central banks’ growing interest in CBDC.
The BIS stated that as part of its 2023 goal, it would experiment more with retail CBDCs and further integrate its global network with more cross-country CBDC projects.
The retail CBDC solution will test two-tiered distribution with Aurum, an open API environment with Rosalind, cyber security with Polaris, and tourbillion (for scalability and privacy).
