June 12, 2020 Vanguard completes phase one of its pilot to issue blockchain-based securities.

The mutual fund company, Vanguard has completed the initial phase of its pilot program to mint asset-backed securities (ABS) on a blockchain. The modeling was conducted with assistance from Symbiont, BNY Mellon, State Street, Citi, and an unspecified ABS issuer in the US. According to the press release the program is aimed at improving the speed and transparency of transactions while also reducing cost and associated risks.