Major Financial Institutions Embrace Blockchain Technology for Asset Tokenization and FX Solutions

Singapore's central bank, along with major financial institutions including JPMorgan, DBS, and BNY Mellon, is testing tokenization use cases such as digital asset trades, foreign currency payments, clearing and settlement, fund management, and portfolio rebalancing. JPMorgan and Apollo have conducted a proof of concept to tokenize funds on the blockchain. This initiative is part of Project Guardian, which aims to advance asset tokenization and includes regulators from Japan, the UK, and Switzerland. Additionally, OKX is offering derivatives trading without counterparty risk, SC Ventures has launched a tokenization platform, and a chart shows a decline in bitcoin held by miners.