Singapore’s MAS plans a 2026 CBDC pilot for tokenized government bills, expanding stablecoin rules and cross-border digital finance.
Singapore is taking another step forward in digital finance as the Monetary Authority of Singapore (MAS) prepares to pilot tokenized government bills that are settled using a CBDC.
The initiative is scheduled for next year, and follows earlier trials with DBS, JPMorgan and Standard Chartered that proved tokenised finance can work beyond theory.
Tokenized CBDC Pilot Builds on Past Success
The next-year pilot builds on a series of successful experiments under Project Guardian.
Project Guardian is MAS’s ongoing effort to test blockchain applications in finance.
Earlier this year, local banks DBS, OCBC and UOB completed overnight interbank lending transactions using the Singapore dollar CBDC. The trials showed that blockchain settlement could reduce the time and difficulty of moving money via traditional banking.
The new Project Guardian white paper was just unveiled at #SingaporeFinTechFestival.
Axelar, @MAS_sg, @Citi, @DeutscheBank, @Fidelity, @FTI_Global, @swiftcommunity + others show what real institutional tokenization looks like 👇 pic.twitter.com/ZnrEcwD63j
— Axelar Network (@axelar) November 13, 2025
Chia noted that while tokenisation can speed up settlements and improve efficiency, the financial system still needs better infrastructure before it can scale.
MAS plans to release full details of the pilot next year, including how tokenised bills will work with existing financial systems.
Stablecoin Rules Strengthen Digital Finance Framework
Alongside the CBDC pilot, MAS announced it has completed its stablecoin regulatory framework.
This marked another big milestone for the country’s digital asset strategy. The upcoming law will apply to single-currency stablecoins pegged to the Singapore dollar, the US dollar or the euro.
Singapore to Pilot Tokenized Bills, Introduce New Stablecoin Legislation
Singapore’s central bank will move forward with building a scalable and secure tokenized financial ecosystem, with plans to pilot tokenized MAS bills next year and introduce legislation to regulate… pic.twitter.com/4EKa0d8XOt
— ME (@MetaEraHK) November 13, 2025
Under the new framework, stablecoin issuers must maintain full reserve backing and provide quick redemption. These rules are for preventing failures seen in unregulated stablecoins that often lose their pegs and cause market stress.
Chia pointed out that “sound reserve backing and redemption reliability” are the most important parts of public trust in digital assets.
MAS first introduced the stablecoin framework in 2023, and it has now moved to the implementation stage. The regulator’s focus on transparency shows international efforts to make sure that digital money continues to be stable, even during market volatility.
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The BLOOM Initiative Encourages Safe Innovation
In order to support industry trials under clear rules, MAS launched Project BLOOM.
Project BLOOM is an initiative that is designed to test tokenised bank liabilities and regulated stablecoins. The goal is to encourage innovation while keeping users safe.
BLOOM will allow banks and fintechs to explore new products that combine the efficiency of blockchain with the trust of regulated institutions.
These experiments could open the path for more advanced instruments like digital bonds or tokenised deposits.
MAS believes this mix of public oversight and private innovation will help Singapore stay on top in terms of digital finance development.
Cross-Border CBDC Collaboration With Germany
Singapore’s ambitions are not limited to local developments. MAS has signed a partnership with the Deutsche Bundesbank to look into cross-border digital asset settlements.
The collaboration was announced at the FinTech Festival and is geared towards creating standardized frameworks for international payments.
This partnership builds on Project Guardian’s global network, which now includes over 40 financial institutions.
By aligning standards and technologies with major economies like Germany, Singapore is building the foundation for faster and cheaper cross-border transactions.
MAS Deputy Managing Director Leong Sing Chiong said the partnership would deepen the financial ties between the two nations. Besides, it would improve global confidence in regulated digital assets.
