Three world leaders of the banking industry are taking part in Project Guardian, an initiative from the Monetary Authority of Singapore (MAS) that aims to pilot use cases of digital assets and decentralized finance (DeFi).

JPMorgan, DBS Bank and SBI Digital Asset Holdings just completed the first live trades for the program’s first industry pilot, where they traded tokenized government bonds and executed foreign exchange transactions using tokenized Japanese yen (JPY) and Singapore dollars (SGD).

According to the MAS, the pilot shows that tokenized assets can be traded, cleared and settled instantaneously, which can bring down the costs of cross currency transactions.