The Bank for International Settlements and the Bank of England have released results from Project Pyxtrial, a proof-of-concept aimed at monitoring the reserves of asset-backed stablecoins and tokenized assets.

The system combines a data model, database, and APIs to provide data to regulators through a customizable dashboard, but it requires regulatory oversight and is not yet fully automated.

Pyxtrial collects hourly data from blockchains and stablecoin platforms, matching it with issuers' data.

The system isn't ready for launch due to ongoing regulatory developments.

Source: Cointelegraph