Singapore issues second tokenized bill, settled in wCBDC

The Monetary Authority of Singapore (MAS) has successfully executed two pilot issuances of tokenized MAS bills, marking a significant step in integrating digital assets with central bank infrastructure. The initial trial on September 23 involved S$1 million, followed by a second issuance of S$10 million on October 9, both of which were settled using wholesale central bank digital currency (wCBDC) on the SGD testnet. While these volumes are modest compared to standard multi-billion dollar bill issuances, they serve as critical proof-of-concept tests for achieving settlement certainty and finality on a common blockchain infrastructure. Managing Director Chia Der Jiun emphasized that these trials are designed to build institutional capability for future tokenized asset transactions. By utilizing wCBDC for settlement, MAS is exploring how tokenized government debt can function within a digital ecosystem. If scaled, these tokenized bills could eventually provide essential collateral for SGD-denominated stablecoins and facilitate more efficient intraday repo markets. This initiative underscores Singapore's commitment to maintaining a leading position in the global digital finance landscape through practical, institutional-grade experimentation.