The Bank for International Settlements has announced a joint project with the Bank of England aimed at tracking stablecoins’ reserves.

The Bank for International Settlements Innovation Hub in collaboration with the Bank of England announced a new joint pilot aimed at supervising assets that back stablecoins. In a July 31 announcement, the BIS said that the so-called “Project Pyxtrial” is focused on leveraging technology to provide supervisors with “near real time data about stablecoins’ liabilities and their backing assets.”

While the technical details of the project are slim, the BIS says the project boasts such features as data collection, storage, and analysis to address potential risks more swiftly.

It’s understood that the project also supports APIs, thereby making it possible for …