Digital Assets and Asset Tokenisation
Publication of First Guardian FX Workstream Report
3 July 2025
MAS, together with the foreign exchange industry group of Project Guardian, jointly developed and published a report on how tokenised bank liabilities, underpinned by shared ledger infrastructures, can enable 24/7 real-time settlement across borders and help optimise liquidity management in transaction banking.
MAS Launches BLOOM Initiative to Extend Settlement Capabilities
16 October 2025
MAS announced a new initiative – BLOOM (Borderless, Liquid, Open, Online, Multi-currency), to build on groundwork established through Project Orchid and to extend settlement capabilities offered by financial institutions. Through BLOOM, MAS will collaborate with the financial industry to enable settlement in tokenised bank liabilities and well-regulated stablecoins, whilst effectively managing risks in the rapidly evolving digital settlement asset landscape, through standardised approaches. The initiative caters to the growing interest among private sector participants in tokenised bank liabilities and well-regulated stablecoins as settlement assets, and encompasses multiple currencies, domestic and cross-border payments, and wholesale use cases.
Collaboration between MAS, the Bank of England (BOE) and the Bank of Thailand (BOT) to Explore Settling Foreign Exchange (FX) Transactions Using Synchronised Settlement Mechanisms
13 November 2025
MAS, BOE and BOT will build on insights from Project Meridian FX to test synchronised FX settlement across a diverse technical and institutional landscape. The experiments will leverage simulated versions of participating central banks’ Real Time Gross Settlement systems and Distributed Ledger Technology-based settlement environments to test interoperability as well as complex, multilateral use cases involving different types of settlement infrastructure.
MAS and Deutsche Bundesbank Sign MoU on Tokenisation and Cross-Border Settlement
13 November 2025
MAS and the Deutsche Bundesbank agreed to collaborate on cross-border digital asset settlement solutions that reduce the costs and processing times of cross-border transfers between Singapore and Germany, and promoting common standards for cross-border payments, foreign exchange and securities flows involving tokenised assets in order to enhance interoperability between different digital asset platforms.
Successful Completion of Live Trial for Settlement of Interbank Overnight Lending Transactions using Wholesale Central Bank Digital Currency (CBDC)
13 November 2025
MAS, DBS, OCBC, and UOB successfully completed a live trial for settlement of interbank overnight lending transactions using wholesale CBDC on the Singapore Dollar Test Network (SGD Testnet). SGD Testnet is an operational shared ledger infrastructure that enables financial institutions to test the settlement of tokenised financial assets using wholesale CBDC. The trial featured the first live issuance of Singapore dollar wholesale CBDC, with transactions recorded in the banks' official books and regulatory filings.
Issuance of the Guide on the Tokenisation of Capital Markets Products
14 November 2025
MAS issued a Guide on the Tokenisation of Capital Markets Products (“the Guide”) to support the development of a responsible digital asset ecosystem in Singapore, by providing regulatory clarity around the application of the Securities and Futures Act 2001, the Financial Advisers Act 2001 and other relevant legislation to issuances and offerings of Tokenised Capital Markets Products.