The cryptocurrency market remains range-bound, with Bitcoin (BTC) hovering around $70,000. While preparing this report, Bitcoin was trading at $67,764, a decrease of 1.70% in the past 24 hours. Ethereum (ETH) had lost 2.70% to trade at $3,824. XRP was trading at $0.5258, a decrease of 1.10% in the same period.
Major cryptocurrencies that have gained ground in the past 24 hours are Solana (SOL, $166.48, 0.80%), Polygon (MATIC – $0.7311, 0.70%).
Polkadot (DOT, $7.54, 0.70%), ChainLink (LINK – $18.07, 5.40%), and Hedera (HBAR, $0.1053, -1.90%).
Major cryptocurrencies that have lost ground in the past 24 hours are Immutable (IMX, $2.30, -4.20%), Avalanche (Avax- $37.15, -0.30%), and Stellar (XLM, $0.1084, -0.50%).
Private Sector Initiatives
Deutsche Bank Joins Singapore’s Project Guardian
Deutsche Bank has evinced its interest in participating in Singapore’s Project Guardian, which studies tokenization on public blockchains. In 2023, the bank carried out a proof of concept for Project DAMA (Digital Assets Management Access), which received a grant from the Monetary Authority of Singapore (MAS). Out of the 17 institutions that have joined Project Guardian so far, 10 of them are trialing asset and wealth management.
Along with MAS, regulators from the UK (FCA), Switzerland (FINMA), and Japan (FSA) have also taken part in the project.
The initial version of DAMA studied fund issuance and administration. A range of participants, including transfer agents, asset managers, and custodians, utilize a distributed solution on a public blockchain. Similar to Project Guardian participants such as Schroders and Apollo, DAMA also studied mass customization for asset managers.
With regards to Project DAMA 2, Deutsche Bank will continue the study of servicing tokenized and digital funds. It intends to table “protocol standards” and circle on best practices.
Broadridge Integrates JPM Coin for On-Chain Settlement on DLR Platform
Broadridge’s Distributed Ledger Repo (DLR) platform has started utilizing JP Morgan’s Onyx-enabled JPM Coin-based tokenized deposit solution for on-chain settlement. The delivery versus payment mechanism for intraday repo transactions was realized through the synchronization of the two blockchain networks.
This effort reflects the initial usage of JPM Coin to settle on-chain dealings that are not handled by the Onyx blockchain. Interestingly, Vodafone’s blockchain subsidiary, PairPoint, recently expressed its interest in integrating with JPM Coin.
JPM Coin was initially rolled out in late 2020 and achieved daily volumes of $1 billion in 2023. The Onyx blockchain processes up to $2 billion in trades per day. This includes transactions from other Onyx Digital Asset solutions, such as the intraday repo solution aimed at JP Morgan customers.
Mastercard Completes First Real-Time Multi-Token Network Trial with Standard Chartered
Mastercard completed its initial real-time trial of the Multi-Token Network (MTN), involving tokenized deposits and assets, in partnership with Standard Chartered Bank Hong Kong (SCBHK) and its subsidiaries. Mastercard launched MTN in the middle of last year.
The Hong Kong Fintech Supervisory Sandbox served as the setting for this Proof of Concept. The procedure comprised Mox Bank, a customer of Standard Chartered’s digital bank in Hong Kong, buying a carbon credit. To tokenize the carbon credit, Mox partnered with SCBHK. Libeara, the tokenization platform backed by SC Ventures, handled the transaction.
Tokenizing the deposit and performing an atomic swap between the tokenized deposit and the carbon credit were done using Mastercard’s MTN. The tokenized carbon credit was eventually credited to the Mox customer’s wallet.
“Mastercard is enthusiastic about collaborating with industry leaders such as SCBHK, Mox, and Libeara through the Mastercard MTN. Together, we aim to develop practical solutions that revolutionize consumer and business interactions and transactions,” stated Helena Chen, Managing Director of Mastercard Hong Kong & Macau.
World Bank to Issue Pioneering Digital Bond via SIX Digital Exchange
The World Bank is getting ready to use the SIX Digital Exchange to launch a CHF200 million digital bond on the 11th of June. The central bank’s digital currency, which represents the Swiss Franc wholesale, will be used to conclude the settlement.
As part of Project Helvetia, the Swiss National Bank is now testing its wholesale CBDC offerings on the SDX DLT platform. There have been several digital bond issuances using the platform’s services for settlement.
Just a month before, Jorge Familiar, the World Bank’s treasurer, envisioned a possible issuance. Now, the seven-year, Aaa/AAA-rated security is ready for issuance.
The bond was sold to Swiss-based entities. Specifically, 60% of the allocation was made to banks and corporations. Institutional investors comprise 39%, while central banks and official institutions account for the remaining. Commerzbank acted as the lead manager to the issue, along with being the paying and issuer agent for the bond. Coupons and redemption payments will be done using tokenized CHF.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
