Monetary Authority of Singapore: Will pilot tokenized bills and introduce laws related to stablecoins

The top official of the Monetary Authority of Singapore (MAS) stated on Thursday that the Singapore central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot for tokenized MAS bill issuance will be launched next year, along with the introduction of relevant laws to regulate stablecoins.

Chia Der Jiun, the Director of the Monetary Authority of Singapore, pointed out at the Singapore FinTech Festival: "Tokenization has begun, but has asset-backed tokens reached 'escape velocity'? Not yet." He mentioned that the MAS has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislative proposals, with a core focus on "robust reserve asset support and reliable redemption mechanisms." Chia Der Jiun also added that the MAS is simultaneously supporting various pilot projects under the "Blue Initiative," which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.