Wholesale digital currency to settle tokenised MAS Bills

MAS will settle tokenised MAS Bills with wholesale Singapore dollar central bank digital currency (CBDC).

Its SGD Testnet became operational in 2025; the first successful trial settled overnight interbank lending between DBS, OCBC and UOB.

Chia said CBDCs will ultimately be needed to anchor monetary stability as private digital money expands.

BLOOM advances domestic and cross-border settlement using tokenised deposits and regulated stablecoins.

MAS has consulted on legislation for its Single-Currency Stablecoin framework, covering reserves, capital, redemption at par, disclosure and cross-border issuance.

Chia noted that stablecoins rely on reserve transparency and adequacy to maintain par value, with possible limits for large wholesale transactions.

Project Guardian has tested tokenisation across asset classes and published shared standards.

Chia said commercial adoption remains concentrated in smaller ecosystems; scaling requires customers, counterparties and infrastructure to move together.

MAS guidance explains how existing securities laws apply to tokenised products.

Global Layer One (GL1) supports interconnected networks rather than one global ledger.

Its Market Infrastructure Toolkit assesses infrastructure against international standards; its Programmable Compliance Toolkit embeds regulatory requirements.