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JP Morgan Completes First DeFi Trade On Public Blockchain The trade was executed using a modified version of the Aave protocol's smart contract code on Ethereum layer-2 network Polygon

By Saptak Bardhan

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The Monetary Authority of Singapore (MAS) on Thursday announced to have completed first five trades under the industry pilot program Project Guardian. Project Guardian explores potential decentralised finance (DeFi) applications in wholesale funding market.

JP Morgan successfully completed its first-ever cross-border transaction on a public blockchain using decentralised finance (DeFi). DBS Bank, SBI Digital Asset Holdings and Oliver Wyman Forum were also a part of the pilot program.

The trade was executed using a modified version of the Aave protocol's smart contract code on Ethereum layer-2 network Polygon.

A statement from MAS said a live cross-currency trade with real-world assets was conducted as an isolated exercise, under a bilateral commercial arrangement to recognize zero profit and loss based on mutually agreed transactions terms involving tokenised JPY and SGD deposits was successfully conducted. In addition, a simulated exercise was performed involving the buying and selling of tokenised government bonds.

Tyrone Lobban, head at blockchain launch and Onyx Digital assets at JP Morgan's Onyx Business unit shared the news on Twitter.

JP Morgan and DBS formed a partnership in April 2022 to build a new blockchain interbank platform to complement the work of central bank digital currencies (CBDCs). The partnership was followed by the official launch of Project Guardian in May 2022.

Saptak Bardhan

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