Project Pyxtrial is a new initiative by the BIS Innovation Hub London Centre. Its main goal is to explore technological solutions that enable the monitoring of balance sheets for asset-backed stablecoins. These stablecoins rely on traditional financial assets for their backing, which can make them susceptible to run risks. If there is a mismatch between the liabilities (coins in circulation) and the assets backing those coins, it could undermine confidence in the stablecoin issuer’s ability to redeem them at par, potentially leading to a run. This could pose risks to financial stability, especially if the stablecoin issuer is systemic or if there is contagion to other stablecoins.
The objective of Pyxtrial is to develop a prototype data-analytic pipeline that encompasses data collection, storage, and analytics. This pipeline will be used to investigate potential asset-liability mismatches. The technology developed through this project could be utilized by supervisors and regulators to establish policy frameworks based on integrated data.
To solicit proposals for this project, a request-for-quote (RFQ) has been made available. Interested companies are encouraged to submit their quotes if they have demonstrable experience in developing supervisory technology and/or working with blockchain technology. The RFQ can be found at the bottom of the page, along with Annex 1: BIS terms and conditions, and Annex 2: Declaration regarding a conflict of interest.