Singapore’s MAS Unveils 2026 Tokenized CBDC Pilot, Tightens Stablecoin Rules

Singapore is accelerating its digital finance ambitions with the Monetary Authority of Singapore (MAS) announcing a 2026 pilot for tokenized government bills settled via wholesale central bank digital currency (CBDC). This follows a successful 2025 trial involving major banks such as DBS, JPMorgan, and Standard Chartered, marking a shift from experimentation to real-world application.

MAS Managing Director Chia Der Jiun highlighted the progress of tokenization at the Singapore FinTech Festival, noting its evolution beyond the lab phase. "Asset-backed tokens have clearly moved past theoretical stages," he said, "but widespread adoption still faces hurdles." The pilot will enable primary dealers to issue and settle MAS bills using blockchain-based tokens backed by a Singapore dollar CBDC, promising faster settlements, reduced intermediaries, and improved collateral efficiency.

Concurrently, MAS finalized its stablecoin regulatory framework, targeting single-currency stablecoins pegged to the Singapore dollar or major global currencies. The MOVE underscores Singapore's dual focus on innovation and risk mitigation in digital assets.