Each Monday I write up the week's events that change what banks, market infrastructure and regulators in India, Singapore and Hong Kong can do with tokenisation and Ethereum. Every fact links to its source.
Weekly Brief No. 8
J.P. Morgan's Kinexys brought JPMD, its US dollar deposit token for institutional clients, to Ethereum mainnet on 19 October. Every bank deposit token on the Pilot Scorecard in Singapore and Hong Kong runs on a private ledger or one its bank has not named. Ethereum's developers postponed Glamsterdam on the Hoodi testnet, and MAS added the central banks of Malaysia and Thailand to BLOOM.
Hong Kong, Singapore
Weekly Brief No. 7
The Financial Stability Board told the G20 that global stablecoins and national rules remain untested in severe stress and insolvency, and singled out stablecoins issued jointly by affiliated issuers in several jurisdictions. Singapore's consultation on joint issuance under the MAS label closed the same week.
Singapore, Hong Kong
Weekly Brief No. 6
Ethereum's Glamsterdam upgrade went live on the Sepolia testnet with a 200 million block gas limit, against 60 million on mainnet, and client teams scheduled the same limit for Hoodi on 26 October. In Singapore, MAS issued a second tokenised MAS Bill in wholesale CBDC and said stablecoins may have limits for large wholesale settlement.
Hong Kong, Singapore, India
Weekly Brief No. 5
The HKSAR Government priced about HK$20 billion of digital green bonds and, for the first time, let investors in the Hong Kong dollar tranche pay in tokenised bank deposits through EnsembleTX. India's Demat 2.0 pays only in wholesale CBDC, so the two markets now give different answers on which money settles a tokenised bond.
India, Singapore, Hong Kong
Weekly Brief No. 4
Ethereum developers confirmed that the Glamsterdam upgrade reaches the Sepolia testnet on 6 October. It raises the gas cost of reading and writing contract state, which matters to the licensed stablecoin, tokenised fund and structured note contracts that institutions in Hong Kong and Singapore run on Ethereum mainnet. In Hong Kong, ChinaAMC tokenised its digital fund's cash and the HKMA described an onchain bond settlement platform.
Hong Kong, Singapore
Weekly Brief No. 3
Payment Asia used HKDAP, the licensed Hong Kong dollar stablecoin on Ethereum, to settle real business payments. Two days later the Policy Address committed to stablecoin trading on licensed platforms and stablecoin settlement of tokenised money market funds, alongside HKMA-run infrastructure for tokenised deposits and CBDC.
Hong Kong
Weekly Brief No. 2
DBS, OCBC and UOB ran their first live Singapore dollar payments over Swift's blockchain ledger, and SEBI and the RBI launched tokenised corporate bonds on a depository-run ledger settled in wholesale CBDC. Both designs borrow from public-chain technology and keep the assets off public chains.
Singapore, India
Weekly Brief No. 1
MAS published draft amendments that would put its stablecoin framework into law, including a duty on issuers to trace, freeze and burn tokens onchain. For stablecoins on Ethereum, the question MAS left open is whether holders' wallets will also be restricted.
Singapore, Hong Kong