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The Bank of England (BoE) and the BIS Innovation Hub have unveiled a new system designed to provide regulators with near real-time insights into the reserve assets and liabilities of stablecoins.
Stablecoins, a rapidly expanding sector with a market capitalization of approximately $162 billion, remain largely unregulated. In response to this, the BoE and the BIS Innovation Hub initiated Project Pyxtrial last year, aiming to leverage technology for better oversight of asset-backed stablecoins. This project focuses on ensuring that the assets backing stablecoins consistently exceed their liabilities.
The collaboration has led to the development of a prototype data analytics pipeline. This system includes components for data collection, storage, and analysis, enabling supervisors to access near real-time information on stablecoin reserves and liabilities.
The BIS highlights that adopting Pyxtrial will enhance supervisory capabilities by facilitating more frequent and automated reporting, thus improving the efficiency and responsiveness of the monitoring process.
The system’s architecture is modular, with components such as APIs, integration layers, data models, storage solutions, and dashboards designed to be reusable and adaptable. This flexibility allows the system to be repurposed for monitoring other tokenized products backed by real-world assets.
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