Singapore's Central Bank to Trial Tokenized Bills, Introduce Stablecoin Laws

The Monetary Authority of Singapore sees a wholesale CBDC arsenic an anchor for a strategy successful which backstage colony assets are utilized for antithetic marketplace needs.

Nov 13, 2025, 2:48 p.m.

The Monetary Authority of Singapore (MAS) plans to proceedings tokenized bills settled with wholesale central slope integer currency (CBDC) arsenic the adjacent signifier of integrating blockchain-based concern into its economy.

The Singapore cardinal slope is besides preparing draught authorities for a stablecoin regulatory regime, MAS managing manager Chia Der Jiun said astatine Singapore Fintech Festival connected Thursday.

"If tokenized transactions are to standard globally, past these colony assets indispensable beryllium nary little robust and safe," Der Jiun said. "At the existent stage, marketplace participants are experimenting with antithetic colony assets for antithetic usage cases."

Tokenization refers to representing real-world assets (RWAs) specified arsenic bonds oregon equities arsenic integer tokens that tin beryllium bought and sold connected blockchains.

Der Jiun described however tokenized slope liabilities payment from existent regulatory requirements that "underpin worth stableness and singleness of money," which the cardinal slope plans to proceedings done tokenized authorities indebtedness backed by wholesale CBDC.

A wholesale CBDC is simply a integer signifier of fiat currency utilized by fiscal institutions to settee large-value transactions. It differs from a retail CBDC, which would beryllium utilized by the nationalist arsenic a integer signifier of cash.

The MAS sees a wholesale CBDC arsenic an anchor for a strategy successful which backstage colony assets are utilized for antithetic marketplace needs.

"If immoderate regulated stablecoins go systemic, regulatory frameworks volition request to beryllium strengthened further," Der Jiun added.

To this end, helium said, MAS' draught stablecoin regulatory authorities volition prioritize dependable reserve backing and redemption reliability.

Among cardinal banks, MAS has been astatine the forefront of processing a regulated authorities for tokenization and integer assets arsenic a means of settlement. Project Guardian, which dates backmost to 2022, is simply a MAS-led effort to trial uses cases for tokenization successful areas specified arsenic overseas speech and fixed income to execute near-instant colony with less intermediaries.

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