Singapore's Central Bank to Trial Tokenized Bills, Introduce Stablecoin Laws
Singapore's MAS will trial tokenized bills settled with wholesale CBDC and prepare legislation for a stablecoin regulatory regime.Summary
The Monetary Authority of Singapore (MAS) announced plans to trial tokenized bills settled using wholesale central bank digital currency (CBDC) as part of its integration of blockchain finance. MAS Managing Director Chia Der Jiun stated that settlement assets must be robust for tokenized transactions to scale globally. The MAS views a wholesale CBDC as an anchor for a system utilizing private settlement assets for various market needs. Furthermore, the central bank is preparing draft legislation for a stablecoin regulatory regime, which will prioritize sound reserve backing and redemption reliability, especially if regulated stablecoins become systemic. This initiative builds upon Project Guardian, an ongoing MAS effort since 2022 to test tokenization use cases for near-instant settlement in areas like foreign exchange and fixed income.
(Source：CoinDesk)