#CBDC

42 articles tagged #CBDC — curated RWA tokenization coverage.

#India#CorporateBonds#SEBI#Tokenization#TokenizedBonds#Demat2.0#DLT#RBI#BankOfKorea#REC
BOK to Use Wholesale CBDC, Not Stablecoins, in 2027 Tokenized Treasury Bond Pilot
Infrastructure

BOK to Use Wholesale CBDC, Not Stablecoins, in 2027 Tokenized Treasury Bond Pilot

The Bank of Korea (BOK) has announced plans to utilize a wholesale central bank digital currency (wCBDC) as the primary settlement asset for its upcoming tokenized Treasury pilot scheduled for 2027. By opting for a central bank-issued digital currency over private stablecoins, the BOK aims to minimize counterparty settlement risk and guarantee settlement finality for government bond transactions. This initiative seeks to modernize the issuance and distribution of conventional government bonds by leveraging blockchain technology to enable simultaneous ownership transfers and payments. The BOK is currently coordinating with the Ministry of Economy and Finance, the Financial Services Commission, and the Korea Securities Depository to address the necessary legal and technical frameworks. Simultaneously, the central bank is expanding its existing Project Hangang pilot, which will now include nine participating banks and increase the user base to 500,000 participants. The project budget for Project Hangang has seen a significant 61.8% increase to 12.52 billion won, reflecting the bank's commitment to testing deposit tokens for government subsidy payments. While the specific integration between Project Hangang and the Treasury pilot remains undecided, these efforts represent a major institutional push toward integrating blockchain into national financial infrastructure. This development is significant for the RWA market as it signals a preference for sovereign-backed settlement assets in large-scale government bond tokenization projects.

#TokenizedTreasuries#SouthKorea#CBDC
en.bloomingbit.io·Oct 12, 20268.5
SEBI Chairman Tuhin Kanta Pandey On India's ₹7 Lk Cr AIF Boom | Tokenised Bonds | CBDC | Demat 2.0
Infrastructure

SEBI Chairman Tuhin Kanta Pandey On India's ₹7 Lk Cr AIF Boom | Tokenised Bonds | CBDC | Demat 2.0

SEBI Chairman Tuhin Kanta Pandey has identified tokenized corporate bonds and CBDC-based settlements as the next frontier for India's financial market infrastructure. This strategic shift follows a period of significant growth in the Alternative Investment Fund (AIF) sector, which has reached a cumulative investment volume of ₹7 lakh crore with a 43% ten-year CAGR. With the Indian market now supporting 23.8 crore demat accounts and 15 crore unique investors, the regulator is prioritizing technology-led reforms to enhance efficiency and transparency. Initiatives like Demat 2.0 are designed to modernize the investment landscape, moving beyond traditional holding structures toward digital-native assets. By integrating tokenization and central bank digital currencies, SEBI aims to streamline settlement processes and reduce friction for a rapidly expanding investor base. This evolution reflects a broader institutional commitment to digitizing capital markets to support the nation's growing startup and innovation ecosystem. The focus on these advanced technologies underscores the regulator's intent to maintain market integrity while scaling access to sophisticated financial instruments.

#TokenizedBonds#CBDC#India
businesstoday.in·Oct 5, 20267.5
India’s RBI stays cautious on crypto, backs tokenization
Infrastructure

India’s RBI stays cautious on crypto, backs tokenization

The Reserve Bank of India (RBI) continues to maintain a strict regulatory divide between private cryptocurrencies and institutional tokenization efforts. RBI Governor Sanjay Malhotra emphasized that while the central bank remains cautious toward private digital assets due to risks regarding monetary sovereignty and capital flow management, it actively promotes distributed ledger technology and tokenization for regulated financial instruments. The RBI is currently advancing projects involving programmable central bank digital currencies (CBDCs), tokenized certificates of deposit, and corporate bonds settled via the wholesale digital rupee. Notably, the Securities and Exchange Board of India (SEBI) recently launched the Demat 2.0 pilot, which successfully utilized DLT for securities records while settling cash legs through central bank money. Recent tokenized bond issuances by REC, Larsen & Toubro, and IIFL totaled ₹1,025 crore, demonstrating the practical application of these technologies within India's existing legal framework. This dual-track approach allows the government to leverage blockchain for financial efficiency and settlement finality while simultaneously enforcing anti-money laundering regulations on offshore crypto platforms. By prioritizing the 'singleness of money,' the RBI aims to integrate tokenized assets into the sovereign financial system rather than allowing private alternatives to disrupt domestic monetary policy.

#Tokenization#DLT#CBDC
crypto.news·Oct 4, 20268.0
Bank of Korea launches 24
Infrastructure

Bank of Korea launches 24

The Bank of Korea has launched a pilot program for a 24-hour won settlement network designed to facilitate international transactions outside of South Korea's standard banking hours. By partnering with four major domestic lenders—KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank—the central bank aims to streamline access for foreign investors through Registered Foreign Institutions for KRW Business. This infrastructure allows investors to settle won transactions during their local business hours without requiring direct accounts at South Korean financial institutions. Full operational status is targeted for January 2027, with plans to expand participation to additional domestic and foreign banks. This initiative is part of a broader strategy to enhance the international standing of the South Korean won. Furthermore, the Bank of Korea is actively exploring tokenized settlement through the Bank for International Settlements' Project Agorá and its own Project Hangang. These efforts utilize wholesale central bank digital currency and tokenized commercial bank deposits to modernize cross-border payment systems. The development represents a significant shift toward blockchain-integrated financial infrastructure for sovereign currency settlement.

#Tokenization#CrossBorderPayments#ProjectAgora
Cointelegraph — Tokenization·Sep 21, 20268.0
India’s tokenized bond pilot starts with institutions, with retail access planned next
Infrastructure

India’s tokenized bond pilot starts with institutions, with retail access planned next

The Securities and Exchange Board of India (SEBI) has launched a pilot program titled Demat 2.0 to facilitate the issuance and settlement of corporate bonds on a private, permissioned distributed ledger. The initiative successfully processed ₹1,025 crore across three initial issuances from REC Limited, L&T Limited, and IIFL. By utilizing the Reserve Bank of India’s wholesale digital rupee, the system achieves atomic delivery-versus-payment, ensuring that the bond transfer and cash settlement occur simultaneously. This synchronization eliminates settlement risk by removing the time gap between fund transfer and security delivery. While the bonds exist as native digital tokens, they retain their original ISIN identifiers, legal covenants, and regulatory status, ensuring continuity for market participants. The infrastructure is managed by India’s depositories and stock exchanges, which maintain the authoritative records of ownership and handle private key management on behalf of investors. This pilot represents a significant step toward modernizing India's debt markets by integrating central bank digital currency with institutional-grade blockchain rails. Future stages of the project aim to expand the system to include secondary market trading and retail investor participation.

#CorporateBonds#CBDC#India
cryptorank.io·Sep 18, 20268.5
Credit where credit's due: India's tokenised bonds must now open the door to global capital
Infrastructure

Credit where credit's due: India's tokenised bonds must now open the door to global capital

India recently completed a successful pilot of tokenized corporate bonds, with issuers REC, L&T, and IIFL Finance raising a combined Rs 1,025 crore within a single week. These transactions utilized a permissioned distributed ledger and wholesale CBDC to achieve atomic settlement, effectively eliminating traditional settlement risks within the existing regulatory perimeter. While this engineering milestone proves that domestic market infrastructure can be upgraded without compromising statutory protections, the current ecosystem remains a closed loop restricted to domestic participants. The lack of interoperability between conventional demat accounts and the new ledger, combined with a three-month lock-in period, currently limits liquidity and secondary market activity. The broader significance for the RWA market lies in the potential to democratize access to Indian credit for global investors who are currently priced out by high operational costs. By transitioning from domestic-only settlement to programmable, cross-border rails, India could tap into significant global stablecoin liquidity and institutional capital. Ultimately, the success of this initiative depends on enabling foreign allocators to hold Indian assets alongside US-denominated tokenized debt while maintaining regulatory compliance. This shift would transform tokenized bonds from mere digital labels into versatile instruments capable of being used in global treasury workflows and collateral arrangements.

#Tokenization#CorporateBonds#Infrastructure
m.economictimes.com·Sep 17, 20267.5
Demat 2.0: Tokenised bonds could settle instantly against CBDC payments, says NSDL MD
Infrastructure

Demat 2.0: Tokenised bonds could settle instantly against CBDC payments, says NSDL MD

Padmaja Chunduru, Managing Director and CEO of the National Securities Depository Limited (NSDL), has outlined a vision for 'Demat 2.0' which leverages blockchain technology to modernize India's securities market. By utilizing tokenized bonds, the NSDL aims to enable near-instantaneous settlement cycles, significantly reducing the traditional T+1 or T+2 settlement delays. This transition is designed to integrate seamlessly with the Reserve Bank of India's Central Bank Digital Currency (CBDC), facilitating atomic settlement where the exchange of assets and payments occurs simultaneously. Such a shift is expected to enhance market efficiency, lower counterparty risk, and improve liquidity for institutional and retail investors alike. The initiative represents a strategic move by India's primary depository to embrace distributed ledger technology for core financial infrastructure. By aligning tokenized securities with digital rupee payments, the NSDL is positioning itself at the forefront of global efforts to modernize clearing and settlement systems. This development is critical for the RWA market as it demonstrates how national-level infrastructure providers are actively adopting blockchain to replace legacy settlement processes.

#TokenizedBonds#Settlement#CBDC
etnownews.com·Sep 17, 20268.0
RBI Recognises Second Fintech Self-Regulator, Unveils Corporate Bond Tokenisation Initiative
Infrastructure

RBI Recognises Second Fintech Self-Regulator, Unveils Corporate Bond Tokenisation Initiative

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have launched a joint initiative to explore the tokenization of corporate bonds. This project aims to utilize wholesale Central Bank Digital Currency (wCBDC) for the settlement of these tokenized assets, building upon previous RBI experiments with tokenized certificates of deposit. Governor Sanjay Malhotra emphasized that the initiative's success depends on establishing robust regulatory frameworks for ownership, custody, settlement finality, and cybersecurity. Alongside this, the RBI officially recognized the United FinTech Forum as India's second fintech Self-Regulatory Organisation to foster industry standards and responsible conduct. These developments occur within a broader digital transformation context, as India recorded 280 billion digital transactions in FY2025–26. The central bank is simultaneously developing AI governance and model-risk rules to manage the systemic risks posed by rapidly scaling fintech firms. This dual focus on technological innovation and proportionate regulatory oversight highlights the RBI's strategy to integrate public digital infrastructure with private sector growth. By formalizing self-regulation and testing tokenized debt markets, the RBI is positioning India to modernize its financial infrastructure while maintaining systemic stability.

#Tokenization#CorporateBonds#CBDC
policyedge.in·Sep 17, 20268.0
Indian firms issue 10.25 billion rupees of tokenised bonds in regulator’s pilot scheme
Infrastructure

Indian firms issue 10.25 billion rupees of tokenised bonds in regulator’s pilot scheme

Three Indian financial service providers have successfully issued 10.25 billion rupees, equivalent to approximately US$103 million, in tokenised corporate bonds as part of a pilot program overseen by the Securities and Exchange Board of India (Sebi). Known as Demat 2.0, this initiative utilizes distributed ledger technology to manage the issuance, holding, and settlement of these digital assets. A critical feature of the program is its integration with the Reserve Bank of India’s wholesale central bank digital currency, which enables simultaneous delivery-versus-payment settlement. By leveraging smart contracts, the system automates interest and redemption payments while significantly reducing transaction times from several days to same-day settlement. This shift is expected to lower administrative costs and reconciliation burdens for market participants while maintaining existing regulatory standards for credit ratings and investor protections. Sebi plans to expand the pilot in future phases to include secondary market trading via request-for-quote platforms and eventually open participation to retail investors. This development marks a significant step in the modernization of India's capital markets through blockchain-based infrastructure.

#TokenisedBonds#CBDC#India
asiaasset.com·Sep 17, 20268.0
Tokenized bonds pass the launch test. The real challenge starts now
Infrastructure

Tokenized bonds pass the launch test. The real challenge starts now

Indian firms Rural Electrification Corp., Larsen & Toubro, and IIFL Finance have successfully completed tokenized corporate bond issuances, marking a significant technological milestone for the nation's debt market. REC raised Rs.500 crore, L&T raised Rs.500 crore, and IIFL Finance raised Rs.25 crore using distributed ledger technology and the Reserve Bank of India's central bank digital currency (CBDC). While these transactions demonstrate the viability of atomic delivery-versus-payment settlement, market participants characterize them as largely ceremonial due to the lack of a functioning secondary market. The current infrastructure requires investors to manage separate CBDC and electronic securities wallets, creating friction that hinders widespread adoption. Experts emphasize that the next critical phase for 'Demat 2.0' is achieving interoperability between these new digital environments and existing bond-market infrastructure. Without a robust financing ecosystem and secondary market liquidity, the benefits of instant settlement remain limited compared to established T+1 workflows. Ultimately, the success of Indian bond tokenization depends on integrating these digital assets into the broader financial system while simplifying the user experience.

#CorporateBonds#DLT#CBDC
tradingview.com·Sep 16, 20267.5
NSDL and CDSL launch Demat 2.0 for tokenised securities and CBDC settlement
Infrastructure

NSDL and CDSL launch Demat 2.0 for tokenised securities and CBDC settlement

The National Securities Depository Limited (NSDL) has announced the launch of 'Demat 2.0', a strategic initiative designed to modernize India's securities infrastructure through the integration of tokenized assets and Central Bank Digital Currency (CBDC) settlement. By leveraging distributed ledger technology, NSDL aims to streamline the settlement process for securities, reducing the reliance on traditional clearing cycles and enhancing operational efficiency for market participants. This move represents a significant shift for the Indian financial ecosystem, as it aligns national depository standards with global trends in digital asset adoption and blockchain-based settlement. The implementation of tokenized securities within a regulated depository framework provides a secure environment for institutional and retail investors to engage with digital financial instruments. Furthermore, the integration of CBDC for settlement purposes addresses liquidity and counterparty risk, marking a critical step toward a more programmable and instantaneous financial market. As India continues to explore the intersection of traditional finance and blockchain, NSDL's initiative serves as a foundational layer for future RWA tokenization projects. This development is pivotal for the RWA market, as it demonstrates how established national infrastructure providers are actively adopting tokenization to improve market transparency and settlement speed.

#TokenizedSecurities#Infrastructure#CBDC
moneycontrol.com·Sep 15, 20268.5
Sebi’s Demat 2.0 lays groundwork for tokenising more regulated financial assets
Infrastructure

Sebi’s Demat 2.0 lays groundwork for tokenising more regulated financial assets

The Securities and Exchange Board of India (SEBI) has launched the 'Demat 2.0' pilot program to test distributed ledger technology (DLT) as a foundational layer for the corporate bond market. By integrating tokenized securities with the Reserve Bank of India’s wholesale digital rupee, the initiative enables atomic Delivery-versus-Payment (DvP) settlement, effectively eliminating the time gap between security transfer and cash payment. The pilot maintains the existing legal framework of corporate bonds, including ISINs and investor rights, while utilizing private, permissioned DLT networks operated by depositories. This infrastructure shift allows for the automation of corporate actions like coupon payments and redemptions through smart contracts. Although the current pilot is limited to a ₹1,025 crore scope, it serves as a critical proof-of-concept for the broader tokenization of regulated financial assets in India. Industry experts view this as a strategic application of India's Digital Public Infrastructure playbook to modernize capital markets. The success of this initiative will ultimately depend on the development of secondary-market liquidity and the eventual expansion to retail participation.

#CorporateBonds#DLT#CBDC
businesstoday.in·Sep 15, 20268.5
India Launches $620B Tokenized Bond Experiment Using Digital Rupee
Infrastructure

India Launches $620B Tokenized Bond Experiment Using Digital Rupee

The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have launched 'Demat 2.0,' a pilot program designed to test the issuance and settlement of tokenized corporate bonds on a distributed ledger. This initiative integrates blockchain technology with India's existing statutory depositories and the wholesale digital rupee (CBDC) to facilitate atomic delivery-versus-payment. By enabling simultaneous bond transfer and settlement, the system aims to significantly reduce transaction risks and increase operational efficiency within India's $620 billion corporate bond market. The first phase of the pilot has already successfully facilitated the issuance of ₹1,025 crore ($116 million) in tokenized bonds by REC, Larsen & Toubro, and IIFL Finance. These digital assets maintain standard coupon rates and investor rights while remaining accessible through existing Demat accounts. This development marks a significant milestone as India becomes the first nation to combine natively issued DLT bonds with CBDC settlement within a regulated market framework. The experiment serves as a critical real-world test for scaling blockchain infrastructure in national financial systems, with future plans to include secondary market trading and retail investor access.

#Tokenization#CorporateBonds#CBDC
coinpedia.org·Sep 15, 20268.5
What does SEBI’s tokenised bonds mean for investors
Infrastructure

What does SEBI’s tokenised bonds mean for investors

The Securities and Exchange Board of India (SEBI) has launched a pilot program titled Demat 2.0 to modernize the settlement and ownership recording of corporate bonds. By utilizing a private digital network, the initiative represents bond ownership as digital tokens rather than traditional database entries, aiming to streamline administrative processes. A critical component of this pilot is the integration of the Reserve Bank of India’s digital rupee (e₹) to facilitate atomic settlement, ensuring that bond transfers and payments occur simultaneously. This mechanism significantly reduces counterparty risk by eliminating the gap between delivery and payment. While the underlying investment characteristics such as credit ratings and maturity remain unchanged, the system enables automated corporate actions like coupon payments and redemptions. Currently, the pilot excludes retail investors, focusing instead on institutional testing before expanding to secondary market trading. This development marks a significant shift toward blockchain-based infrastructure in the Indian financial sector, prioritizing operational efficiency and reduced manual intervention.

#CorporateBonds#CBDC#India
newindianexpress.com·Sep 14, 20267.5
India launches a new experiment for tokenized bonds using digital rupee
Non-U.S. Govt. Debt

India launches a new experiment for tokenized bonds using digital rupee

The Reserve Bank of India (RBI) has initiated a pilot program to explore the use of tokenized government bonds settled via the central bank digital currency (CBDC), known as the digital rupee. This experiment aims to enhance the efficiency of the secondary market for government securities by leveraging blockchain technology to streamline settlement processes. By integrating the digital rupee with bond tokenization, the RBI seeks to reduce transaction costs and minimize settlement risks associated with traditional financial infrastructure. This move represents a significant step in India's broader strategy to modernize its financial markets through distributed ledger technology. The pilot involves major financial institutions and is designed to test the scalability and security of digital asset transactions in a controlled environment. Successful implementation could pave the way for broader adoption of tokenized sovereign debt, positioning India as a key player in the global RWA landscape. The initiative underscores the growing trend of central banks exploring blockchain-based solutions to improve liquidity and transparency in government debt markets.

#TokenizedBonds#CBDC#RBI
arabictrader.com·Sep 12, 20268.5
MSE, Demat 2.0 & Tokenised Bonds: The Real Story
Infrastructure

MSE, Demat 2.0 & Tokenised Bonds: The Real Story

The Metropolitan Stock Exchange of India (MSE) recently facilitated a tokenized corporate bond issuance for IIFL Finance under SEBI's Demat 2.0 pilot, marking a significant step in the integration of blockchain technology into India's debt markets. Launched by SEBI and the RBI at the Global Fintech Fest, the Demat 2.0 initiative utilizes a private, permissioned ledger for bond issuance and atomic settlement via the RBI's wholesale CBDC. While the technology enables real-time settlement and automated coupon payments, SEBI has clarified that tokenization does not create a new asset class or alter the legal character of the bonds. The pilot has seen three issuances totaling ₹1,025 crore, involving 23 institutional investors. Despite MSE holding an Electronic Bond Platform (EBP) license since 2016, it has historically struggled to compete with the dominant market share of the NSE. The recent infusion of ₹1,000 crore in capital from a consortium of brokers and venture firms aims to revitalize MSE by leveraging their control over order flow. This development highlights that in the RWA market, institutional relationships and distribution networks remain more critical to success than the underlying blockchain infrastructure.

#TokenizedBonds#CBDC#India
unlistedzone.com·Sep 12, 20267.5
India Tokenizes Corporate Bonds with Digital Rupee in Demat 2.0
Infrastructure

India Tokenizes Corporate Bonds with Digital Rupee in Demat 2.0

The Securities and Exchange Board of India (SEBI) has launched the Demat 2.0 pilot, a significant initiative to tokenize corporate bonds and settle transactions using the Reserve Bank of India's wholesale digital rupee. This program utilizes a distributed ledger within a regulated framework to enable atomic delivery versus payment, effectively reducing settlement risk and manual reconciliation requirements. Three major issuers—REC, Larsen & Toubro, and IIFL Finance—have collectively issued ₹1,025 crore in tokenized bonds during the initial phase. By integrating smart contracts for automated interest payments and redemptions, the pilot aims to modernize India's financial infrastructure while maintaining strict regulatory oversight. Unlike open-market crypto initiatives, this project keeps assets within a permissioned environment involving key institutions like CDSL, NSDL, and major banks. The success of this pilot could pave the way for tokenizing other asset classes, including equities and mutual funds, within the Indian market. This development highlights a global trend where central banks and regulators explore blockchain-based efficiency without sacrificing control or security.

#CorporateBonds#CBDC#India
altcoinbuzz.io·Sep 11, 20268.5
SEBI Advances Tokenised Bonds and AI Supervision as Pandey Calls for Stronger Tech Governance
Infrastructure

SEBI Advances Tokenised Bonds and AI Supervision as Pandey Calls for Stronger Tech Governance

The Securities and Exchange Board of India (SEBI) is actively advancing the modernization of capital markets through the integration of AI-driven supervision and the pilot of tokenized corporate bonds. In collaboration with the Reserve Bank of India, SEBI has launched the Demat 2.0 project, which utilizes tokenized securities settled via central bank digital currency (CBDC) and smart contracts. Three issuers have already successfully issued tokenized corporate bonds under this framework, signaling a shift toward faster settlement and automated asset servicing. SEBI Chairman Tuhin Kanta Pandey emphasized that while financial institutions are encouraged to innovate, they retain full regulatory accountability for their technology vendors and AI systems. By adopting the IOSCO AI supervisory toolkit, the regulator aims to enhance predictive market monitoring and identify systemic risks more efficiently. This dual focus on technological adoption and strict governance is intended to bolster market integrity as India’s financial sector scales its digital infrastructure. These developments are critical for the RWA market as they demonstrate a sovereign-level commitment to integrating blockchain-based settlement with traditional corporate debt instruments.

#TokenizedBonds#CBDC#India
niftytrader.in·Sep 10, 20268.5

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