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

The Monetary Authority of Singapore (MAS) top officials 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 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 Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will draft relevant legislative proposals, with the core focus on "robust reserve asset support and reliable redemption mechanisms." Chia Der Jiun also added that the Monetary Authority of Singapore 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.