Monetary Authority of Singapore
MAS said it had completed a live trial settling interbank overnight lending between DBS, OCBC and UOB in Singapore dollar wholesale CBDC on the SGD Testnet, and would next trial tokenised MAS Bills settled in CBDC.
- Status
- Live
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- SGD Testnet
- Participants
- DBS, OCBC, UOB
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | CBDC on the ledger |
| Access | Whitelisted institutions or investors |
| Legal standing | Unclear |
| Scale | Single transaction |
What they said they would do
- OpenMAS plans a future trial to issue tokenised MAS Bills to Primary Dealers, settled using CBDC, and will share more details of it in 2026. (by )
Review history
Live Pilot
First live issuance of Singapore dollar wholesale CBDC, used to settle overnight loans between three banks, with the trades in the banks' official books. Ledger and legal basis are not published; a MAS description of the SGD Testnet's technology and of the legal status of the CBDC tokens would settle both.
Evidence: mas.gov.sg
Live Pilot
No second trial yet. Searched MAS media releases for 2026 and found no details of the tokenised MAS Bills trial; the claim is open until 31 December 2026. DBS's 2025 annual report confirms its part in the November 2025 trial.
Evidence: mas.gov.sg, dbs.com
What was announced
On 13 November 2025 the Monetary Authority of Singapore (MAS) said it had completed a live trial settling interbank overnight lending with wholesale central bank digital currency (CBDC), meaning central bank money issued as tokens for use between financial institutions. DBS, OCBC and UOB took part. MAS called it the first live issuance of Singapore dollar wholesale CBDC and said the transactions were recorded in the banks’ official books and regulatory filings. MAS also said it plans a further trial issuing tokenised MAS Bills to Primary Dealers, settled in CBDC, with details to come in 2026.
How it works
The trial ran on the Singapore Dollar Test Network (SGD Testnet), which MAS describes as an operational shared ledger for testing settlement of tokenised assets in wholesale CBDC. MAS lists three functions: issuing, transferring and redeeming wholesale CBDC as a common settlement asset; programmable conditions tied to counterparty agreements; and settling cash and securities legs together. MAS first announced the SGD Testnet on 4 November 2024 without naming its technology or operator.
Settlement is cbdc. Three banks took part, so access is whitelisted. MAS has not published the ledger stack, so ledger is unknown. Booking in the banks’ official records suggests the tokens carried real value, but MAS has not stated their legal form, so legal is unclear.
Record so far
At the first review, on 13 November 2025, the record is one trial covering overnight loans among three banks, which gives single scale. Real central bank money moved and was booked, so the stage is pilot and above test.
DBS’s 2025 annual report, published in March 2026, lists joining the MAS trial among its 2025 digital asset work. That confirms the trial from a participant but adds no new transactions.
The one forward claim is the tokenised MAS Bills trial. MAS committed to share details in 2026. A search of MAS media releases up to this review found no such announcement, so the claim is open with about three months left. The trial itself is under twelve months old, so the status is live.
What to watch
MAS’s 2026 details on the tokenised MAS Bills trial, due by 31 December 2026. Evidence that CBDC settlement on the SGD Testnet has become a standing facility for more banks would move scale and stage. A MAS paper naming the SGD Testnet’s technology would settle the ledger value.