OKX and Standard Chartered launched a pilot letting institutions use crypto and tokenized money market funds as collateral, starting under Dubai’s virtual asset regulations.
Standard Chartered and cryptocurrency exchange OKX are piloting a new program allowing institutions to use crypto assets and tokenized money market funds (MMFs) as collateral.
Announced on April 10, the collateral mirroring program enables off-exchange collateral usage while enhancing security by placing custody with a globally systemically important bank, according to a joint statement from the companies.
The pilot has been launched under the regulatory oversight of the Dubai Virtual Asset Regulatory Authority, with Standard Chartered acting as a regulated custodian in the Dubai International Financial Centre (DIFC).
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