Blockchain
JPMorgan Chase & Co bank tokenized 100,000 Singapore dollars (about $71,000) and then exchanged them for tokenized yen with the Japanese financial group SBI Digital Asset.
The test deal was made as part of the Guardian pilot project initiated by the Monetary Authority of Singapore (MAS). The experiment used an infrastructure developed on the basis of the Polygon blockchain and a modified version of the Aave DeFi project.
Wall Street financial companies are actively exploring the use of blockchain in their business, for example, for intraday buybacks – short-term fixed income borrowing – and cross-border transactions.
However, their area of interest is focused on private blockchains, which require users to obtain permission to join. At the same time, public blockchains have the potential to eliminate issues such as isolated or fragmented liquidity.
Recall that earlier the Singaporean bank DBS began testing trading in tokenized government securities as part of the Guardian project organized by MAS.
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