Singapore's MAS to pilot tokenized bills in 2025, introduce stablecoin legislation

The Monetary Authority of Singapore will launch a pilot program for tokenized MAS bills next year and introduce legislation to regulate stablecoins, Managing Director Chia Der Jiun said Thursday at the Singapore FinTech Festival. While tokenization has begun, asset-backed tokens have not yet reached "escape velocity," Chia noted. The regulatory framework will focus on robust reserve asset backing and reliable redemption mechanisms. MAS is also supporting pilot projects under the Blue Initiative, which explores the use of tokenized bank liabilities and regulated stablecoins for settlement.