Weekly Update: 23 November 2023
1) MAS partners financial industry to expand asset tokenization initiatives [MAS]
– The Monetary Authority of Singapore (MAS) today announced that it is working with the financial industry to expand asset tokenisation initiatives and develop foundational capabilities to scale tokenised markets.
2) Osaka digital exchange to start security token trading platform [CoinDesk]
– The platform, named Start, will begin operation on Dec. 25 with a $20 million real-estate securities issuance.
3) Blockchain startup Kinto plans ‘first KYC’d’ Ethereum layer-2 network after raising $5M [CoinDesk]
– Ethereum layer 2 Kinto network features native know-your-customer (KYC) checks and investor accreditation mechanism to help onboard regulated financial institutions.
4) CBDCs good for payments, even with competition: IMF [CoinDesk]
– The International Monetary Fund’s planned CBDC handbook offers guidance for policymakers on how to explore digital versions of sovereign currencies.
5) JPMorgan, Apollo Tokenize Funds in ‘Proof of Concept’ With Axelar, Oasis, Provenance[CoinDesk]
– The aim of the project was to allow wealth managers to tokenize funds and to be able to purchase and rebalance positions in tokenized assets across multiple interconnected chains.
6) Philippines sells $270M in first-ever tokenized bonds, reflecting investor hype [Investing.com]
– The Bureau of the Treasury aimed to sell $179 million in Tokenized Treasury Bonds (TTBs), but bids surged to 31.426 billion Pesos, exceeding the minimum offer by three times, as reported by Bloomberg.
7) Singapore to pilot use of wholesale central bank digital currencies in 2024 [CNBC]
– MAS will initiate a pilot program next year, partnering with local banks to facilitate instantaneous domestic payments through the live issuance and utilization of wholesale central bank digital currencies (CBDCs).
8) Stablecoin issuer Paxos plans new U.S. dollar-backed token for Singapore operations [CoinDesk]
– The company plans to issue a U.S. dollar-backed stablecoin upon receiving full approval from the Monetary Authority of Singapore, its central bank.
