Stablecoins have a market capitalization of over $162 billion and are a rapidly expanding but yet mainly uncontrolled industry.

Project Pyxtrial was started last year by the BofE and the BIS Innovation Hub in London to investigate how technology may assist regulators in keeping an eye on the balance sheets of asset-backed stablecoins and determining whether the underlying assets always outweigh the liabilities.

As of right now, the partners claim to have created a prototype data analytics pipeline that encompasses data storage, processing, and gathering. Supervisors may be able to get data regarding the liabilities and supporting assets of stablecoins in almost real time thanks to this.

According to the BIS, using Pyxtrial can help supervisors get reports that are more regular and completely automated, increasing the effectiveness and responsiveness of the monitoring process.

The technical components of the system, including the dashboard, data storage solution, integration layer, data model, and APIs, are made to be modular, reusable, and adaptable. It may thus be used to keep an eye on other tokenized goods that are supported by tangible assets.