Singapore CBDC To Settle Tokenized MAS Bill

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

At the Singapore FinTech Festival on Thursday, 13 November 2025, MAS Managing Director Chia Der Jiun said that tokenization is no longer a lab 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 achieved escape velocity? Not yet,” Chia said.

Meaning, the technology is being used in real life but has not gone mainstream, yet.

During the event, Chia explained that tokenized assets can make financial transactions faster and more efficient by removing middlemen and making better use of collateral. However, there are hurdles in achieving this utopia.

🚀 Tokenized Bills: 5 Amazing Developments in CBDC Trial

Singapore’s Innovative Step: Tokenized Bills with CBDC

Singapore is set to embark on an innovative financial journey by trialing the issuance of tokenized bills settled with the central bank digital currency (CBDC). This… pic.twitter.com/jFfnVaEsmK

— Crypto Update IO 🚀 (@cryptoupdate_io) November 13, 2025

Major structural and operational issues need to be addressed first before the promises of tokenized assets can be realized.

In the meantime, MAS shared that three major Singaporean banks, DBS, OCBC, and UOB, have already used the CBDC for overnight lending between banks.

This experiment fits into MAS’s broader goal of building a financial system where trusted and regulated digital assets back tokenized assets.

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MAS Sets Stablecoin Standards: Bets Big With BLOOM Initiative

Moving along to the regulatory side, Chia explained that MAS has finalized its framework for stablecoins and that it will soon begin to draft laws around it. The authorities first introduced the framework in August 2023. The framework covers stablecoins that connect to a single currency, such as the Singaporean Dollar, US Dollar, or the Euro.

“Under our regime, we have given importance to sound reserve backing and redemption reliability,” Chia said.

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

Philippines: $180M tokenized bonds
Hong Kong: $765M on blockchain

Governments that banned crypto are now issuing their debt as tokens.

Cut out banks. Save millions. Instant settlement.

The state became the biggest crypto user while you argued about memecoins. pic.twitter.com/Xe2wVwldqg

— Tan Gera, CFA (@juniortgr) November 7, 2025

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

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

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

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Coinbase Launches In Singapore: Powers USDC Payments

Coinbase has officially launched in Singapore, marking its first international expansion outside the US. With this, smaller businesses and Singaporean startups 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 their accounting.

Singaporean startups and SMBs will be able to use a secure, compliant crypto operating account that lets you securely trade, manage assets and access instant global payments, with low fees, and seamless operations.

Get ready to move your money as fast as your ambition.

— Coinbase Singapore 🛡️ (@CoinbaseSG) November 12, 2025

At the same time, other exchanges such as Bitget and Bybit are winding down their operations in the country because of a MAS directive that has ordered all unlicensed crypto firms to stop serving international clients.

Singapore’s MAS has mandated that all local crypto firms without a DTSP license must stop serving overseas clients by June 30, 2025, with no transitional period allowed. Non-compliance will lead to penalties.https://t.co/wnQc0pMDqq

— Wu Blockchain (@WuBlockchain) June 2, 2025

The directive mainly affects firms with overseas customers or teams in Singapore and does not have any wiggle room for exceptions. Bitget has already started moving staff to Dubai and Hong Kong, which are known for being more crypto-friendly.

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