Deutsche Bank Joins Singapore's Tokenization Drive: A Step Towards Financial Innovation Deutsche Bank, the German powerhouse, has made a strategic move by joining Singapore's
Project Guardian. Launched by the Monetary Authority of Singapore (MAS), this initiative aims to foster collaboration in the realm of
asset tokenization.
With a focus on wholesale funding markets and decentralized finance (DeFi), Project Guardian is set to explore various use cases, from
listing and
trading to
settlement and
asset servicing.
The decision comes hot on the heels of Deutsche Bank's report on stablecoins, which raised concerns about transparency in the likes of Tether. However, Tether swiftly dismissed these claims as lacking solid evidence.
How will Deutsche Bank contribute? By testing an open and interoperable blockchain platform for tokenized funds and proposing protocol standards. Leading this charge is Boon-Hiong Chan, Deutsche's Asia Pacific head of securities and technology.
Building on their successful collaboration with Memento Blockchain through Project DAMA, Deutsche Bank aims to create a more efficient and secure digital fund management solution with DAMA 2.
The tokenization trend is gaining momentum globally, with real-world assets (RWAs) being valued at a staggering $8 billion. Citigroup predicts that by 2030, tokenized assets could reach a mind-boggling $4 trillion worldwide, with political support playing a crucial role.
In the UK, both Labour and Conservative parties are vying to make the country a "global hub for crypto assets technology." Meanwhile, across the pond, former President Trump expressed his desire to embrace crypto without hostility.
