BIS and Bank of England launch project “Pyxtrial” for stablecoin monitoring

BlockBeats news, on August 1, Cointelegraph reported that the Bank for International Settlements (BIS) and the Bank of England released the results of their "Pyxtrial Project", which aims to monitor the reserves of asset-backed stablecoins and tokenized assets. Pyxtrial is described as a proof-of-concept project and an "important first step."

The system is not yet fully ready to go live, and as its creators pointed out, the world is not ready yet because the regulations it will help enforce are still largely under development.