its first-ever decentralized finance on-blockchain cross-border transaction. It is a part of the Project Guardian initiated by Singapore’s central bank, the Monetary Authority of Singapore .
The transaction was completed on Ethereum layer-2 network Polygon using a modified version of AAVE protocol’s smart contract code. It involved tokenized deposits of Singaporean Dollar and Japanese Yen , in addition to a simulated exercise of trading tokenized government bonds.The Project Guardian aims to “explore potential decentralized finance applications in wholesale funding markets.
In addition to the JP Morgan group, Singapore’s largest bank the DBS Bank, the Japanese banking firm SBI Digital Asset Holdings, and the New York-based leadership program Oliver Wyman Forum also participated in the program.took to TwitterSopnendu Mohanty, Chief FinTech Officer, MAS said, “The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets.
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