REC raises $53M in India's first tokenised bond sale

REC Limited, a state-owned infrastructure finance company in India, has successfully raised $53 million through the country's first-ever tokenized bond issuance. The transaction was facilitated on the EarthID blockchain platform, marking a significant milestone for the digitization of India's debt capital markets. By leveraging blockchain technology, REC aims to streamline the issuance process, enhance transparency, and reduce the settlement cycle for institutional investors. This move signals a growing appetite among Indian public sector enterprises to explore distributed ledger technology for capital raising efficiency. The successful pilot demonstrates the viability of tokenized securities within the Indian regulatory framework, potentially paving the way for broader adoption of digital assets in the region. As major financial institutions globally shift toward tokenized debt, this development positions India as an emerging participant in the institutional RWA landscape. The integration of blockchain into traditional bond markets serves as a critical proof-of-concept for future large-scale digital debt offerings in the South Asian market.