Monitor Briefing
India Tests Tokenized Bonds with Central-Bank Money
Three corporate issuers sold INR 10.25 billion of bonds through India's Demat 2.0 pilot, while Singaporean banks expanded tokenized-deposit interoperability and U.S. Bank tested its own stablecoin. The week's progress was concrete, but mostly confined to controlled systems.
India's Demat 2.0 pilot placed INR 10.25 billion of corporate bonds using existing depositories, exchange infrastructure and wholesale central-bank money. DBS, OCBC and UOB expanded tokenized-deposit tests through Swift, while First Abu Dhabi Bank disclosed bilateral transactions with Citi. U.S. Bank tested its USBDC stablecoin between group entities on Stellar, and Canada's OSFI clarified that digitally represented deposits retain their existing legal status. Nasdaq agreed to invest USD 100 million in Payward alongside work on a tokenized-equity framework targeting 2027, subject to approvals. Austria's DELPHI pilot began preparing securities settlement through the planned Pontes bridge. Zamanat proposed a DIFC private-credit fund targeting up to USD 100 million, and ADI Foundation and DCM announced bank-core integration work without naming a bank deployment. The common thread is coordination across existing legal records, bank liabilities and settlement systems. Secondary trading, repeat payments, external customers and completed settlements remain the tests that separate controlled demonstrations and announced plans from operating infrastructure.
Subscribe to read Monitor briefings
Monitor briefings are our running analysis of institutional tokenization, published with each benchmark run. Sign in with a paid account, or subscribe, to read the full briefing and the archive.