Singapore is priming the world for increased tokenization of financial services. In a recent Monetary Authority of Singapore (MAS) media release, the MAS announced the rollout of Project Guardian, a dry run on how capital markets can tokenize their assets. 

Project Guardian brings together over 40 stakeholders and international policymakers from seven countries. It has so far carried out more than 15 trials in six currencies across different financial products. 

Singapore’s MAS is building on increased interest in asset tokenization 

MAS’s managing director for markets and development, Mr Leong Sing Chiong, spoke about the development. He said Singapore’s apex bank had been encouraged in its push by a growing interest in asset tokenization, particularly in fixed income, foreign exchange, and asset management.

He said:

We are encouraged by the keen participation from financial institutions and fellow policymakers to co-create industry standards and risk management frameworks to facilitate commercial deployment of tokenized capital markets products, and scale tokenized markets on an industry-wide basis.

~Leong Sing Chiong

Under the Project Guardian setup, the regulator’s role is to network and coordinate with the other players. The end game is enhanced capital raising, secondary trading, asset servicing, and settlement of tokenized assets.

Project Guardian seeks to enable seamless cross-border transactions

MAS firmed up Project Guardian with the November 2023 launch of its Global Layer One (GL1) initiative. The GL1 is a platform supporting the development of digital infrastructures for deploying commercial networks.  On its launch, it attracted a core group of global banks, including Citi, MUFG, J.P. Morgan, BNY, and Societe Generale-FORGE. 

These lenders have been spearheading efforts to outline GL1’s business, governance, risk, legal, and technology requirements. That has forced GL1 to widen its scope to support the development of a system of compatible market infrastructures, enabling cross-border trading of tokenized assets. 

GL1’s expanded mandate entails setting the control principles underpinning cross-border transactions. It also provides a template that ensures all players comply with the ecosystem’s standards. Again, it controls the transfer and redemption of Singapore’s wholesale central bank digital currency (CBDC), S$, and related assets. 

Finally, the platform oversees the automation of tokenized transactions and facilitates Interoperability with the available financial market systems. Banks can access the S$ Testnet through Project Guardian and its related Project Orchid platforms, allowing them to settle transactions in the wholesale CBDC. 

TrumpCoin (DJT) is making headlines with a 120% surge in the past 24 hours.

Driven by election season buzz, DJT’s rally shows how PolitiFi coins are causing huge excitement.

And it’s not the only one in the spotlight – newcomers like FreeDum Fighters (DUM) are getting in on the action as this niche heats up.

TrumpCoin Makes a Comeback with 120% Price Surge

TrumpCoin’s recent spike is a surprising comeback for a token that seemed all but forgotten.

Launched in July, DJT had a brief moment in the spotlight before it nosedived, losing 98% of its value between late July and early October.

But lately, the coin has shown signs of life, with its price now at $0.00095 – its highest since a quick spike in mid-September.

Spot trading volumes have exploded, up 344% to $1.5 million, suggesting that interest in TrumpCoin is growing.

This activity has also pushed the coin’s market cap to $9.2 million.

CoinMarketCap data shows that 88% of current sentiment is bullish, a strong indication that retail traders are betting on this PolitiFi token’s long-term prospects.

Whether TrumpCoin’s rise has staying power is up for debate – but the current bullishness is hard to ignore.

PolitiFi Coins Gain Momentum as US Election Day Approaches

With the US election less than a day away, political-themed cryptos are seeing increased demand.

The PolitiFi sector as a whole has seen $293 million in spot volume since yesterday, pushing its market cap to $709 million.

Most of these coins have posted gains in the past 24 hours.

TRUMP and MAGA are up by 18% and 19%, respectively, but it’s TRUMP 47 that’s stealing the show with an 88% rally.

This rally is unfolding even as Donald Trump’s poll numbers soften.

Polymarket data shows that just 58% of people now believe that he will become the next US president.

Market participants fail to realize PolitiFi season hasn’t even started.

Most contested election of our lives two days away, expect PolitiFi to outperform the entire meme market from Election Day till Inauguration Day. $MAGA is the biggest decentralized coin in the space with… pic.twitter.com/AQ7QSKqvGu

— MAGAZION (@pepebills42069) November 3, 2024

Despite these falling odds, crypto influencer MAGAZION is still bullish on the sector.

He suggested that PolitiFi coins could outperform the rest of the market from election day through inauguration.

For traders, this feels like a rare opportunity where politics and crypto might come together to generate enormous profits – regardless of the election’s outcome.

It’s creating a high-risk, high-reward scenario enticing traders seeking quick gains.

Whether it lasts is anyone’s guess – but it’s bound to be an exciting few days.

FreeDum Fighters Goes Viral with High-APY Staking App & $410K Presale Raise

FreeDum Fighters is benefiting from these bullish conditions, raising over $410,000 in its presale phase.

The project combines political humor and meme energy – featuring characters like MAGATRON and Kamacop 9000 as mechanized takes on the two presidential candidates.

FreeDum Fighters’ core feature is a Vote-to-Earn system.

In this system, users can choose a side, stake their DUM tokens to “support” their candidate, and earn extra tokens as a reward.

Stakers backing MAGATRON will see a lower APY due to his popularity, while those who align with Kamacop 9000 get a higher yield.

This encourages users to think strategically.

FreeDum Fighters will host weekly debates alongside this staking system, with the winning side receiving extra DUM rewards.

Not many other PolitiFi coins offer this level of utility.

Early investors can now secure DUM tokens during the presale for just $0.000065 each.

However, that price will rise in less than one day when the next stage begins.

Given all the buzz around the election, FreeDum Fighters’ Telegram channel members are rushing to get in early, believing DUM’s price could rocket after it lists on exchanges.

YouTuber Jacob Bury shares this sentiment.

He released a video earlier this month where he stated that DUM would 10x once available on the open market.

So, with demand rising by the day, FreeDum Fighters could be a PolitiFi coin worth keeping an eye on.

Visit FreeDum Fighters Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post TrumpCoin Pumps 120% as Political Tokens Like FreeDum Fighters Continue to Soar appeared first on CryptoPotato.