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BIS Project 'Pyxtrial' Developing Tool to Monitor Stablecoin Reserves

The Bank for International Settlements (BIS) plans to sharpen its focus on stablecoins and Central Bank Digital Currencies (CBDCs) in 2023, with the goal of “improving payment systems” and “securing the financial sector,” according to its latest report.

Among its ambitions is Project Pyxtrial—an experiment launched by the Innovation Hub’s London Centre to help central banks systemically monitor stablecoins and their balance sheets. 

Stablecoins are cryptocurrencies value-pegged to assets that are usually stable in price such as fiat currencies, like the U.S. dollar. To maintain the peg, the stablecoin issuer is expected to maintain reserves of equal or greater value to the tokens they've distributed and offer constant dollar convertibility using those reserves. 

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