Central bank group BIS_org is spearheading a new experiment to develop a monitoring system for stablecoin balance sheets to ensure adequate reserves. iamsandali reports
The Bank for International Settlements , the association of the world’s central banks, is spearheading the development of a monitoring system for stablecoins to ensure issuers maintain adequate reserves.
Named Project Pyxtrial, the program will also investigate tech tools to help regulators form data-based policy frameworks, BIS said on Tuesday as itA stablecoin is a crypto token whose value is linked to the value of other assets such as sovereign currencies, and its ability to keep its peg is linked to strength of its balance sheet.
While central banks worldwide have been heads-down on projects that experiment with digital versions of sovereign currencies , the stablecoin project is a first, and illustrates a growing concern among regulators. While CBDCs are viewed by some central bankers as a more secure alternative to volatile private cryptocurrencies, stablecoins promise the stability of the U.S.
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