Singapore’s asset tokenization project welcomes Deutsche Bank as a new participant.

Deutsche Bank, a multinational investment bank based in Germany, has teamed up with the Monetary Authority of Singapore (MAS) for a project focused on asset tokenization. The collaboration, known as Project Guardian, aims to explore the use of blockchain technology in wholesale funding markets and decentralized finance (DeFi) applications. As part of the project, Deutsche Bank will test an open and interoperable blockchain platform for tokenized and digital funds. The bank will also propose protocol standards and contribute to the progress of the industry. Boon-Hiong Chan, Deutsche Bank’s Asia Pacific head of securities and technology, will lead the bank’s involvement in Project Guardian. The bank will work closely with Memento Blockchain, a software-based platform targeting DeFi and digital asset management. Deutsche Bank and Memento Blockchain previously collaborated on a proof-of-concept called Project DAMA, which aimed to develop a more efficient and secure solution for digital fund management and investment servicing. The new efforts by Deutsche Bank will focus on DAMA 2 and will involve Interop Labs, the developer of the Axelar network, a major interoperable blockchain. The collaboration with Axelar is important for institutional adoption of blockchain technology and asset tokenization. Project Guardian, initiated by MAS in 2022, is a collaborative initiative involving various financial market players, including the Financial Conduct Authority of the United Kingdom, the Financial Market Supervisory Authority of Switzerland, and the Financial Services Agency of Japan. Deutsche Bank’s participation in Project Guardian comes shortly after the bank released a report on stablecoins, which raised concerns about the transparency of major issuers like Tether (USDT). Tether responded to the report, criticizing Deutsche Bank for lacking substantial evidence or concrete data to support its claims. Tether’s USDT stablecoin is a significant player in the cryptocurrency market, accounting for a large share of trades and having a total market value of nearly $111 billion.