BIS to launch platform for tracking stablecoins and DeFi projects

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Innovation Center at the BankInternational Payments launched several projects, the goal of which was to create a platform for tracking various aspects of traditional and cryptocurrency payments.

The market tracking platform willlaunched as part of the Eurosystem Center initiative. It will provide various information about cryptocurrency projects in real time. One of the impetuses for the creation of this system was the collapse of several stablecoin and decentralized finance projects. Of course, we are talking about the UST stablecoin and the Celsius project.

“The goal of the project is to create a platformopen source for market research. It will shed light on the market capitalization of various projects, economic activity and risks to financial stability,” the announcement notes.

Such a platform will allow you not to relysolely on the reports of the relevant companies. In addition, according to BIS analysts, the development of quantum computers may threaten the existence of traditional cryptography, including cryptocurrencies. The new platform will take into account the relevant risks.

In early June, BIS analysts said that a limit on the number of transactions on the blockchain would prevent cryptocurrencies from gaining the same appeal as fiat money.