As part of Singapore’s Project Guardian tokenization trials, UBS, SBI and DBS Bank executed a repurchase transaction (repo) of a natively issued digital bond on a public blockchain. The transactions spanned three jurisdictions, Japan, Singapore and Switzerland.
Regulators are still wary about the institutional use of public blockchain. One of the aims of Project Guardian is to show what’s possible. Additionally, this transaction demonstrated real-time atomic settlement and capital efficiencies.
“With this pioneering transaction, we proved the feasibility of executing a fully automated and instantly settled transaction across several jurisdictions by leveraging a public DLT network under a strict compliance framework,” said Mike Dargan, UBS Group’s Chief Operations and Technology Officer.
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