The BIS Plans to Develop a Platform for Monitoring Stablecoin Reserves

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The Bank for International Settlements (BIS) has announced that it is working on the creation of a monitoring system for the sufficiency of backing “stablecoins.”

The project, dubbed Pyxtrial, is one of the organization’s priorities for this year.

In addition, the organization also plans to improve financial regulation and supervision, improve payment systems, experiment with CBDCs and ensure the security of the financial sector and reducing their harm to the environment.

The Project Pyxtrial has been designed to help central banks systematically track stablecoins and their balances.

According to the press release:

“Most central banks lack the tools to monitor stablecoins and prevent asset-liability mismatches. The project will explore various technological solutions that will help in forming policy frameworks based on integrated data.”