On November 2, the Monetary Authority of Singapore (MAS) announced that its Project Guardian, the first industry pilot project to explore potential DeFi applications in wholesale financing markets, has completed its first live transaction. More industry pilots have been launched to test the application of asset tokenization and DeFi in broader use cases in the financial sector. In the first industry pilot, DBS Bank, JPMorgan Chase and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against a liquidity pool consisting of tokenized Singapore government bonds, Japanese government bonds, Japanese yen (JPY) and Singapore dollars (SGD). As previously reported by Golden Finance, the Monetary Authority of Singapore has completed the first phase of its CBDC project Project Orchid, and DBS Bank will participate in the pilot PBM voucher.