Tokenised MAS Bill

MAS will trial the issuance of tokenised MAS Bills in 2026, settled using wholesale CBDC through the Singapore dollar Test Network (SGD Testnet). For more details on the auctions, please refer to the information set out on this website.

Auction: TD26100F

Issue Details

MAS Bills Type: Tokenised MAS Bill
Issue Code TD26100F
ISIN Code SGXZ85101996
Announcement date 18 September 2026
Auction date 21 September 2026 
Issue Date 23 September 2026
Maturity Date 30 September 2026
Total Amount Offered S$1,000,000
Minimum denomination S$1,000
Method of sale Uniform price auction
Competitive applications
Must be expressed as an annual yield, to 2 decimal places.


  • Only institutional investors, as defined in Section 4A of the Securities and Futures Act (Cap.289), may apply for MAS Bills.   
  • Any application by an entity or person who is not an institutional investor will be rejected.       
  • Please note that MAS Bills issued during the period from 28 February 1998 to 31 December 2028 (both dates inclusive) are eligible for the “Qualifying Debt Security” ("QDS") tax incentives approved by the Minister for Finance for QDS. More information on QDS incentives is available here.
  • Where the CBDC redemption request falls on a day that the electronic payment system, established by the Monetary Authority of Singapore, is not in operation, the transaction will be effected on the next business day when the electronic payment system is in operation. Investors will not be entitled to any additional amount in respect of any such postponed transaction.
  • For the avoidance of doubt, any interest payable on tokenised MAS Bills will be determined as on the specified maturity date and no further interest will be payable beyond such date.
  • MAS Bills are non-coupon bearing securities.
  • For every book-entry tokenised MAS securities auction, a primary dealer shall apply for at least 1/5 of the book-entry MAS securities issuance amount.
  • Please note that all statistics related to MAS Bills on MAS website  do not include the tokenised MAS Bills issuances.