Wu said that the tokenization pilot announced by Singapore's MAS today includes a licensed instance of the Avalanche blockchain developed by Citibank in collaboration with T.Rowe Price and Fidelity International. In the trial solution, spot foreign exchange prices for the USD/SGD currency pair are transmitted to the blockchain using an oracle. Once the smart contract selects the price, the blockchain acts as an immutable record of the transaction. The tokenized deposit pilot will go live on two smart contract platforms in the next month, one for China Securities Clearing and the other for syndicated loans.