Bittime - German multinational investment bankDeutsche Bankhas officially joined the asset tokenization project initiated by the Monetary Authority of Singapore (MAS). This step shows Deutsche Bank's commitment to innovation in financial technology and asset digitalization.

Deutsche Bank Joins Guardian Project 

Deutsche Bank is now part of Project Guardian, an initiative launched by MAS in 2022. The project aims to explore asset tokenization in wholesale funding markets as well as decentralized finance (DeFi) applications . 

As part of this collaboration, Deutsche Bank will test a blockchain platform with open architecture and interoperability designed to serve tokenized and digital funds.

Deutsche Bank will also propose protocol standards and identify the best approaches to drive industry progress. Deutsche Bank's head of securities and technology for the Asia Pacific region, Boon-Hiong Chan will lead the bank's efforts on Project Guardian. 

The bank will work closely with Memento Blockchain, a software-based platform targeting digital asset management and DeFi.

Previously, Deutsche Bank and Memento Blockchain had collaborated in 2022 and 2023 on a pilot project known as Project DAMA (Digital Assets Management Access). 

This initiative aims to unlock the potential of more efficient, secure and flexible solutions in digital fund management and investment services.

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Deutsche Bank Introduces DAMA 2 and Blockchain Interoperability

Deutsche Bank is now introducing DAMA 2. This development will involve Interop Labs, the initial developer of the main interoperable blockchain network, Axelar. Several major crypto companies, including Ripple have collaborated with the Axelar Foundation to add interoperability to their blockchain networks. 

In February 2024, Ripple announced its collaboration with Axelar to tokenize real-world assets (RWA) from the XRP Ledger, which was made interoperable through Axelar.

Axelar co-founder and Interop Labs CEO Sergey Gorbunov stated that secure blockchain interoperability is necessary to unlock the potential of trillions of dollars in asset tokenization. 

"Deutsche Bank and Project Guardian are leading innovation towards establishing the open systems that will enable this technology. Axelar is critical infrastructure for institutional adoption, and we are very excited about this collaboration," said Gorbunov.

Stablecoin Stability Challenges

Deutsche Bank's entry into Singapore's tokenization project comes days after the bank released a report on stablecoins, which questioned the transparency of major issuers such as Tether. 

The report sparked a reaction from Tether, which criticized Deutsche Bank for claims it deemed unsupported by substantial evidence or concrete data.

Tether's USDT stablecoin has become a major component of the cryptocurrency market, accounting for the largest share in terms of trading. With a total market value of almost $111 billion (around IDR 1,787.1 trillion), USDT is also the largest stablecoin in the world.

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Support and Hope from MAS

The Guardian project initiated by MAS aims to create a more advanced and inclusive financial ecosystem through the application of blockchain technology and asset tokenization. 

In addition to Deutsche Bank, the project also involves various other financial market players, including the UK's Financial Conduct Authority , the Swiss Financial Markets Supervisory Authority and the Japanese Financial Services Agency.

By joining Deutsche Bank, it is hoped that there will be more innovation in digital financial services and increased efficiency and security in fund management. 

This initiative is also expected to make a significant contribution to the development of the global financial industry through the adoption of cutting-edge technology and best practices.

Conclusion

Deutsche Bank's move to join the asset tokenization project in Singapore shows the bank's commitment to digital transformation and innovation in the financial industry. 

By working with various strategic partners, including Memento Blockchain and Axelar, Deutsche Bank seeks to create more efficient and secure solutions for digital fund management. 

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