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Singapore Central Bank Pilots Tokenized MAS Bills Using CBDC Settlement

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The Monetary Authority of Singapore (MAS) has decided to experiment with a new type of government bond called: tokenized MAS bill. These will be settled using a digital version of the Singapore dollar known as CBDC (central bank digital currency).

At the Singapore FinTech Festival on Thursday 13 November 2025, MAS CEO Chia Der Jiun said tokenization is no longer a laboratory experiment but has matured enough for real-world test cases. “Are asset-backed tokens clearly out of the lab? Without a doubt,” Chia said. “But have asset-backed tokens reached escape velocity? Not yet,” Chia said.

This means that the technology is used in real life but has not yet become mainstream.

During the event, Chia explained that tokenized assets can make financial transactions faster and more efficient by eliminating intermediaries and making better use of collateral. However, there are obstacles to realizing this utopia.

Before the promises of tokenized assets can be realized, important structural and operational issues must be addressed.

Meanwhile, MAS disclosed that three of Singapore’s major banks, DBS, OCBC and UOB, have already used CBDC for overnight lending between banks.

This experiment is part of MAS’ broader goal of building a financial system where trusted, regulated digital assets support tokenized assets.

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MAS Sets Stablecoin Standards: Bets Big with BLOOM Initiative

Turning to the regulatory aspect, Chia explained that MAS has finalized its framework for stablecoins and will soon begin drafting laws in this regard. Authorities first introduced the framework in August 2023. The framework covers stablecoins that link to a single currency, such as the Singapore dollar, the US dollar or the euro.

“Under our regime, we have placed importance on solid reserve support and reliability of reimbursements,” Chia said.

Speaking at the event, Chia warned that unregulated stablecoins have had a spotty record in maintaining their value and could pose similar risks to the 2008 financial crisis.

Meanwhile, to support innovation, MAS has launched its BLOOM (Borderless, Liquid, Open, Online, Multi-currency) initiative to encourage companies to conduct experiments using tokenized bank liabilities and regulated stablecoins.

“This successful pilot paves the way for broader adoption and a broader range of use cases. By leveraging wholesale CBDCs as a common settlement resource, Singapore has developed a viable blueprint for the next generation of always-on financial market infrastructure,” Chia concluded.

The project builds on the foundations of Project Orchid, which examined potential use cases for a digital Singapore dollar and research into the necessary supporting infrastructure required.

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Coinbase Launches in Singapore: Powers USDC Payments

Coinbase officially launched in Singapore, marking its first international expansion outside of the United States. This way, small businesses and startups in Singapore can use Coinbase’s platform to send and receive USDC instantly.

Additionally, these businesses will have access to the platform to make global payments, access trading tools and automate accounting.

At the same time, other exchanges like Bitget and Bybit are shutting down their operations in the country due to a MAS directive that ordered all unlicensed crypto firms to stop serving international customers.

The directive mainly affects companies with overseas clients or teams in Singapore and does not provide any scope for exceptions. Bitget has already started moving staff to Dubai and Hong Kong, locations known to be more crypto-friendly.

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Key points

  • MAS pilots have tokenized government bonds using Singapore’s CBDC for faster and more secure settlements
  • The BLOOM initiative promotes experiments with tokenized and regulated bank liabilities stablecoins for innovation
  • DBS, OCBC and UOB trial CBDC for interbank lending

The Central Bank of Singapore Tokenized MAS Bills Pilots Using CBDC Settlement appeared first on 99Bitcoins.

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