The Bank for International Settlements （BIS） and the Bank of England have launched Pyxtrial, a project aimed at tracking stablecoin reserves in real-time to enhance oversight and regulatory frameworks.
Points
- Pyxtrial is a new tool to track stablecoin reserves in real-time.
- The project aims to improve oversight and regulatory frameworks for stablecoins.
- Pyxtrial can apply to other tokenized products backed by Real-World Assets （RWA）.
- The system is still in testing and requires personnel training for full deployment.
The Bank for International Settlements （BIS） and the Bank of England have announced a collaborative project called Pyxtrial, designed to track stablecoin reserves in real-time. This initiative is part of a broader effort to enhance oversight and regulatory frameworks for stablecoins, a sector that has grown rapidly but remains contentious due to concerns about transparency and stability.
Pyxtrial aims to provide real-time data extraction from users’ systems, enabling on-chain liability verification. This technology is seen as a first step towards supporting supervisors and regulators in proactively detecting issues related to stablecoin backing
and ensuring that backing assets consistently exceed their liabilities. This move is intended to bolster confidence in the stablecoin sector and provide a foundation for developing more robust policy frameworks.
BIS and the Bank of England envision that Pyxtrial will not only apply to stablecoins but also to other tokenized products backed by Real-World Assets （RWA）. The ability to verify assets and liabilities on-chain in real-time will provide unprecedented transparency and oversight, potentially preventing scenarios where stablecoin issuers might overstate their reserves.
However, Pyxtrial is currently in its testing phase, and full deployment will require comprehensive personnel training. The UK financial watchdog has expressed particular concern over the validity of the reserves that stablecoin issuers claim to back their holdings. This scrutiny follows past incidents of disorderly engagements between financial authorities and stablecoin issuers, which have occasionally resulted in calls for more stringent regulatory measures.
Stablecoins have seen significant growth, with a market capitalization reaching $164.02 billion according to DefiLlama data. Despite this growth, regulators have voiced concerns about disclosures and the potential instability of stablecoins during market stress. The U.S. Securities and Exchange Commission （SEC）, for instance, has targeted stablecoins like Binance US stablecoin （BUSD） over securities claims, although recent rulings have sometimes favored the stablecoin issuers.
Pyxtrial is part of the ongoing efforts by financial authorities to ensure that stablecoins can operate within a secure and transparent framework. This initiative, if successful, could set a precedent for the regulation and monitoring of stablecoins and other tokenized assets worldwide.
解説
- The introduction of Pyxtrial by the BIS and the Bank of England represents a significant step towards improving transparency and oversight in the stablecoin sector.
- Real-time tracking and on-chain liability verification can help ensure that stablecoin reserves are accurately represented, thereby enhancing market stability and investor confidence.
- The project’s expansion to other tokenized products backed by Real-World Assets highlights its potential to broadly impact the regulatory landscape of digital assets.
- Despite the technological advancements, the successful implementation of Pyxtrial will depend on comprehensive personnel training and the ability of regulators to adapt to new tools.
- The initiative aligns with global regulatory trends aiming to provide clearer guidelines and stronger oversight for the rapidly growing stablecoin market.