Singapore to Trial Tokenised MAS Bills, Stablecoin Laws

Singapore is taking another major leap in its digital finance journey. The Monetary Authority of Singapore (MAS) announced that it will conduct trials to issue tokenised MAS bills next year, alongside introducing new legislation to regulate stablecoins. The move signals the city-state’s push to build a secure and scalable tokenised financial ecosystem.

Speaking at the Singapore FinTech Festival, MAS Managing Director Chia Der Jiun said that while tokenisation has gained traction, the sector has yet to achieve “escape velocity.” He highlighted that the upcoming stablecoin framework will focus on strong reserve backing and redemption reliability — ensuring that digital currencies remain trustworthy and transparent.

The central bank is also supporting trials under the BLOOM initiative, exploring the use of tokenised bank liabilities and regulated stablecoins for settlement. These efforts aim to modernise traditional payment systems while maintaining regulatory safeguards.

In a significant milestone, MAS confirmed that DBS, OCBC, and UOB have successfully executed interbank overnight lending transactions using the first live trial issuance of Singapore dollar wholesale Central Bank Digital Currency (CBDC). Building on this progress, the central bank plans to expand the scope to include tokenised MAS bills settled directly with CBDC.

MAS will also release a regulatory guide on tokenised capital market products this week, further clarifying the rules for digital securities and asset-backed tokens. The authority is working closely with global regulators to align standards and support international adoption.

To strengthen cross-border collaboration, Singapore has signed new agreements with the Bank of England and the Bank of Thailand to test real-time, interoperable foreign exchange transactions using digital assets. In addition, MAS has entered into a memorandum of understanding with Deutsche Bundesbank to explore cross-border digital asset settlements.

These partnerships reflect Singapore’s growing role as a global leader in digital finance — where innovation meets regulation to shape the future of money.