He ended the world’s largest settlement system, the Depository Trust and Clearing Corporation

The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), and blockchain oracle Chainlink have completed a pilot program with several major banking companies in the United States aimed at increasing the tokenization of traditional funds.

The Smart NAV Pilot was conducted to standardize the way net asset value (NAV) data for funds is provided across blockchains, using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), according to a DTCC report dated May 16.

“The pilot found that by introducing structured data on-chain and creating standard roles and processes, the underlying data can be embedded in many on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, contracts in which we hold data for multiple funds,” she wrote.

She said these capabilities could support future industry exploration as well as power “many end-use cases” such as brokerage applications, publishing more automated data, and facilitating access to historical data for funds.

The pilot helped create better automated data management, limited impact on the existing market practices of traditional financial institutions, enabled customers to retrieve historical data without manual record-keeping, and provided broader API solutions for price data, the DTCC report noted.

Key Takeaways for the NAV Pilot. Source: DTCC

US banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid-Atlantic Trust, State Street and US Bank.

Related: Deutsche Bank joins asset tokenization project in Singapore

Chainlink’s native token (LINK) rose 12.5% ​​following the DTCC report, according to CoinGecko.

He Ended The World'S Largest Settlement System, The Depository Trust And Clearing Corporation
LINK price rose 12.5% ​​after DTCC report. Source: CoinGekko

LINK has gained more than 130% in the past 12 months amid a broader rally in the cryptocurrency market.

The DTCC report comes with broader enthusiasm for real-world asset tokenization than major traditional financial institutions.

On March 19, BlackRock launched a token money market fund (MMF) called BUIDL on the Ethereum network that offers returns in native US dollars.

The fund allows investors to purchase tokens that represent shares in the fund, which invests in assets such as US Treasuries. The fund is referred to as a “digital liquidity fund” because it is digitized on the Ethereum blockchain and operates as an ERC-20 token called BUIDL.

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