The application was developed specifically for Project Guardian, a collaboration between the Monetary Authority of Singapore (MAS) and major financial industry representatives.
According to Citigroup’s announcement, the application uses Avalanche’s blockchain infrastructure to facilitate pricing and execution of bilateral spot foreign exchange (FX) trades. In particular, it supports real-time streaming of price quotes and optimization of post-trade processes. The collection of price quotes and transaction confirmations is recorded on the blockchain.
At the initial stage of implementation, the application is focused on supporting spot trading of the USD/SGD currency pair. The basic solution can then be extended to work in any direction and any fiat currency pair.
The Singaporean regulator is positioning Project Guardian as a joint initiative to develop regulatory standards and common protocols for the use of approved digital assets. MAS has selected central bank currencies (CBDCs), tokenized banking instruments and potentially well-regulated stablecoins as eligible for purchase, exchange and custody transactions.
Source: Bits
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