The BIS Innovation Hub has unveiled its 2023 work program. This includes previously unannounced projects on stablecoins, DeFi and CBDC.
Project Pyxtrial at the London Centre will monitor stablecoins to ensure that the backing assets at least match the stablecoin issuance. Pyxtrial plans to explore a variety of tools to enable supervisors and regulators to monitor stablecoin systems. The project’s name is based on the Trial of the Pyx, a historical UK process where minted coins were tested to ensure they met specifications. Nowadays, that’s done in a laboratory, but there are still occasional ceremonies.
To date the BIS Innovation Hub has launched 26 projects, of which 21 are still active. Fifteen of the projects focused on central bank digital currency (CBDC). Three cross border CBDC projects have concluded, including Project Helvetia, Jura and Dunbar, leaving MBridge as the main project still exploring the topic for wholesale cross border CBDC and Icebreaker for retail CBDC.
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