Deutsche Bank Joins Singapore's MAS Project Guardian to Advance Asset Tokenization
Summary:
Deutsche Bank is partnering with the Monetary Authority of Singapore on Project Guardian, focusing on asset tokenization in wholesale funding markets and DeFi applications. The German investment bank will experiment with an interoperable blockchain platform and suggest protocol standards to facilitate industry growth. The bank will work alongside Memento Blockchain and aims to introduce DAMA 2, a project targeting efficient digital fund management. This announcement follows Deutsche Bank's query into the transparency of notable stablecoin issuers like Tether (USDT).
German global investment bank Deutsche Bank is partnering with the Monetary Authority of Singapore (MAS) focusing on tokenizing assets. The bank has become part of Project Guardian, an MAS initiative concentrating on the tokenization of assets within wholesale funding markets and decentralized finance (DeFi) applications. Within this partnership, Deutsche Bank plans to experiment with a blockchain platform that is both open, interoperable, and able to support tokenized assets and digital funds. The bank aims to suggest protocol standards and determine the best method to facilitate industry growth.
The representative for Deutsche Bank for Project Guardian will be Boon-Hiong Chan, the bank's head of securities and technology for the Asia Pacific. The partnership expects that the bank will partner closely with Memento Blockchain, a platform centered on DeFi and digital asset management. Deutsche Bank and Memento Blockchain have had successful collaborations in 2022 and 2023, such as Project DAMA (Digital Assets Management Access) which aimed to offer an efficient, secure, and flexible avenue for digital fund management and investment servicing.
Deutsche Bank's latest efforts are targeted towards introducing DAMA 2. This development will engage Interop Labs, the original developer of the significant interoperable blockchain, the Axelar network. Leading cryptocurrency companies like Ripple have also partnered with the Axelar Foundation to infuse interoperability into their respective blockchain networks, with Ripple revealing such a partnership in February 2024. This collaboration aims to tokenize real-world assets on the XRP Ledger which has been made interoperable via Axelar.
Singapore's MAS initiated Project Guardian in collaboration with other financial market players like the United Kingdom's Financial Conduct Authority, Switzerland's Financial Market Supervisory Authority, and Japan's Financial Services Agency in 2022.
Deutsche Bank's inclusion in Singapore's tokenization project follows shortly after the bank issued a statement questioning the transparency of major stablecoin issuers like Tether (USDT). In response, Tether criticized Deutsche Bank for not providing sufficient evidence to back up their allegations. Tether’s USDT stablecoin stands as a significant part of the cryptocurrency market, with the world's largest stablecoin boasting a total market value nearing $111 billion.
Published At
5/14/2024 3:29:41 PM
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