MAS to Pilot Tokenized Government Securities Settled via Wholesale CBDC

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Singapore’s central bank is set to conduct a pilot program for the issuance of tokenized MAS bills, with settlement to be executed using a wholesale Central Bank Digital Currency (CBDC).

The move, announced by MAS Managing Director Chia Der Jiun, aims to test the efficiency gains of using a digital sovereign asset for primary market transactions.

This follows a separate trial where DBS, OCBC, and UOB used the same wholesale CBDC for interbank overnight lending, demonstrating a concerted push to integrate digital currency into the core of the financial system.