The Monetary Authority of Singapore (MAS) plans to operationalize its Singapore Dollar wholesale CBDC testnet this week to support live tokenization trials. The move will provide infrastructure for cross border settlement and tokenization transactions.
MAS is adopting a hybrid approach, providing both a wholesale CBDC and an interoperability solution to interface with other DLT networks.
The announcement came during a Layer One Summit speech by MAS Deputy Managing Director Leong Sing Chiong, in which he discussed several tokenization initiatives. However, he rated overall tokenization progress as “mixed, uneven and patchy” both across markets and within industries.
“Trusted, open and interoperable networks will not emerge by chance. Hard work and heavy lifting are required,” he said. Singapore has been advancing this work through Project Guardian pilots and its Global Layer One initiative, which aims to develop tokenization standards and an ecosystem.
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