What happened
- Specific facts/numbers: MAS has already run two trial issuances of tokenised MAS bills in the past month: S$1 million on September 23, 2026 with one-week maturity, and S$10 million maturing on October 23, 2026; the article notes normal MAS bill issuance sizes typically exceed S$10 billion and standard tenors are four, 12 and 36 weeks.
- Institutions involved: The Monetary Authority of Singapore is leading the trial, with remarks from Managing Director Chia Der Jiun; the tokenised bills are issued by MAS and available only to institutional investors.
- Regulatory/technical context: Settlement is using Singapore’s wholesale CBDC on the SGD Testnet, combining tokenised assets and tokenised central bank money on shared infrastructure; MAS has framed this as part of its broader digital money and tokenisation work, alongside Project Guardian, BLOOM and its stablecoin framework efforts.
- What to watch next: Watch for whether MAS expands issuance size, tenor or frequency beyond pilot-scale tests, and whether it identifies production use cases; no specific next milestone was identified in the sources read.
Why it matters
This shows a central bank moving from tokenisation experiments toward live-style fixed-income settlement flows, which could shape how wholesale digital cash and tokenised securities are used together in regulated markets.
HKMA Relevance
Direct: Another monetary authority has taken a concrete action in HKMA’s remit by trialling tokenised bills settled in wholesale CBDC, a development relevant to central-bank work on payments, settlement and digital money infrastructure.