Overview
- DBS, OCBC and UOB have completed interbank overnight lending using the first live issuance of a Singapore dollar wholesale CBDC for settlement.
- MAS will trial issuing tokenised MAS bills to primary dealers with settlement in wholesale CBDC, with operational details to be released in 2026.
- The central bank has finalized the features of a stablecoin regulatory regime and will draft legislation that prioritises sound reserve backing and reliable redemption.
- MAS is publishing a regulatory guide for tokenised capital markets products and is coordinating with overseas regulators to align standards.
- Officials say tokenisation has moved beyond the lab but has not reached scale, highlighting the need for interoperable networks, common token standards and a deep pool of safe settlement assets including CBDC, tokenised bank liabilities and regulated stablecoins.