The Monetary Authority of Singapore (MAS) has decided to pilot a new type of government bond called: tokenized MAS bill. These will be settled using a digital version of the Singaporean dollar known as a CBDC (central bank digital currency). At the Singapore FinTech Festival on Thursday, 13 November 2025, MAS Managing Director Chia Der Jiun said that tokenization is no longer a lab experiment but has matured enough for real-world test cases. “Are asset-backed tokens clearly out of the lab? Without a doubt ...