MAS to Publish Tokenized Fixed Income & Funds Framework, Pushing the Commercialization of Tokenization
Singapore’s Monetary Authority (MAS) has announced new frameworks to advance tokenization in financial services, focusing on fixed income, FX, and asset management sectors. MAS will establish commercial networks to enhance liquidity, build market infrastructures, and create industry standards for tokenized assets. Project Guardian, MAS’s tokenization initiative involving 40 global institutions, introduced guidelines for tokenized debt and funds through its Guardian Fixed Income and Guardian Funds Frameworks. In 2025, MAS plans to collaborate further with international regulators, including the UK’s FCA, to address regulatory considerations for tokenization in asset and wealth management.
- Link | Link

Citi & Fidelity Intl. to Combine Money Market Fund Tokenization With FX Swaps
Within Project Guardian, Citi and Fidelity International developed a tokenized money market fund (MMF) with an embedded digital FX swap to address currency risks for non-U.S. institutions investing in USD MMFs. This solution enables real-time transactions by combining MMF token issuance and FX swaps into one smart contract-based system. This setup benefits corporate treasurers needing quick liquidity access.
- Link

Serbia's Security Commission to Grant Approval for Solar Plant Tokenization
Serbia's securities commission has granted its first approval for the tokenization of a solar power plant to AVR Solar Park, a Belgrade-based renewable energy company. AVR Solar Park will issue 7,250 digital tokens, each valued at 100 euros, which allows investors a potential of 6% annual return and gradual principal repayment over 10 years.
- Link

SBI Digital Markets to Pilot Tokenized ABS as Part of Project Guardian
SBI DM in Singapore is expanding its involvement in Project Guardian by planning to issue asset-backed securities (ABS) in both traditional and tokenized formats to maximize distribution and liquidity. Over the next two months, SBI DM will launch an ABS backed by luxury wines, with future offerings based on intellectual property and commodities.
- Link

UAE Stablecoin Usage to Grow 55% YoY
In the UAE, stablecoins have surged in popularity, with $9.8 billion received in the first half of 2024—a 55% increase over H1 2023—making up 51% of the nation’s crypto activity. This growth follows the UAE Central Bank’s new Payment Token Services Regulation, enhancing clarity around stablecoin issuance and transactions.
- Link

Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood to Introduce Global Dollar Network
The Global Dollar Network shall drive global adoption of the new USDG stablecoin, issued from Singapore by Paxos. This network, open to select financial entities, aims to increase stablecoin competition and bring mainstream adoption to the ecosystem. With DBS Bank holding USDG reserves, the stablecoin is initially available on Ethereum.
- Link

Swiss City of Lugano to Issue Third Digital Bond Via SDX
The CHF 120 million ($139m) digital bond is the third of it's kind and exclusively listed on the SIX Digital Exchange (SDX). The nine-year bond with a 1% coupon was issued above par and can be held in both digital and conventional central securities depositories.
- Link

Swift, UBS & Chainlink to Complete Tokenized Assets Pilot
The pilot enables tokenized fund subscriptions and redemptions to settle via Swift’s network, which connects over 11,500 financial institutions globally. It demonstrated automated, straight-through processing, potentially reducing costs and improving liquidity by integrating Swift’s infrastructure with Chainlink’s platform.
- Link

Ozean and HELIX to Tokenize Private Credit on Blockchain
The partnership merges HELIX’s private credit experience with Clearpool’s successful lending via Ozean. Since launching in 2022, Clearpool has originated over $640 million in tokenized private credit, with clients including leading financial entities like Jane Street, Flow Traders, and Wintermute.
- Link

Brickken to Collaborate with BNB Chain RWA Tokenization
Utilizing BNB Chain’s infrastructure, Brickken will enhance liquidity, market access, and compliance for tokenized assets. Early projects like Hydrokken are already using this platform to tokenize clean energy investments.
- Link

Euroclear & HSBC to Join Singapore’s GL1 Public Permissioned Blockchain
Recently joined by HSBC and Euroclear, the Global Layer One (GL1) now includes expanded scope and a focus on key security and compliance principles. The MAS aims for GL1 to support multiple asset classes and stakeholders, transitioning tokenization from experimental phases to full commercialization.
- Link

JP Morgan to Rebrand Onyx Blockchain Unit to Kinexys
Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution. The name is combining "kinetic" and "connection" to reflect global financial movement.
- Link

ADDX and ANZ to Pilot Tokenized Commercial Papers with Chainlink’s Private Transaction Capability
ADDX, ANZ, and Chainlink have launched a cross-border solution for tokenized commercial paper transactions, using ADDX's platform, ANZ’s Digital Asset Services, and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with private transaction capabilities. This pilot enables regulatory-compliant digital asset transactions, allowing Australian investors to buy and redeem tokenized commercial paper on ADDX.
- Link

Report: Project EPIC by J.P. Morgan’s Kinexys - Advancing Tokenized Finance with Enterprise-Grade Privacy and Identity
The report highlights advanced technologies like Zero-Knowledge Proofs and Fully Homomorphic Encryption, whereas Project EPIC enhances privacy for on-chain transactions, supports compliance with self-sovereign identity, and improves secondary market efficiency.
- Link

BOK to Test Feasibility of Tokenized Bank Money-Based Voucher
South Korea's central bank, in collaboration with the Financial Services Commission and the Ministry of Science and ICT, will test a tokenized deposit-based digital voucher system as part of its wholesale CBDC trials. The program aims to transition traditional paper and plastic vouchers to a digital format usable on smartphones for cultural, educational, and other purposes. This initiative is expected to simplify settlement processes.
- Link

Particula to Assign an "A" to Backed' bIB01 US$ Treasury Bond 0-1 Year Token
Tracking the iShares $ Treasury Bond 0-1yr UCITS ETF, bIB0 is reflecting its strong market presence, regulatory backing, and secure infrastructure. While the token shows expanding utility and secure design, the rating also notes risks such as counterparty exposure, liquidity issues, and technical vulnerabilities. Primarily targeting professional investors, bIB01 is integrated across major blockchains like Ethereum and Polygon.
- Link

UBS to Pilot Digital Cash For Blockchain-Based Multi-Currency Payments
The Swiss banks' pilot included domestic and cross-border payments in multiple currencies, such as U.S. dollars, Swiss francs, euros, and Chinese yuan. UBS Digital Cash leverages a private blockchain for permissioned clients, with smart contracts enabling automated settlement. UBS plans to expand the system, which enhances intraday liquidity management and cash visibility for clients.
- Link

Australia's RBA & DFCRC to Trial Wholesale CBDC for Asset Tokenization in 2025
The Reserve Bank of Australia (RBA), alongside the Digital Finance Cooperative Research Centre (DFCRC), has launched Project Acacia to explore wholesale CBDC and asset tokenization, inviting industry input by December 11. The project will focus on domestic wholesale settlement and include trials in 2025. Project Acacia will investigate five potential settlement models using tokenized deposits and wholesale CBDC, examining the tradeoffs of digital money models, like atomic settlement benefits versus central bank oversight.
- Link

Amazon to Simulate Tokenized Seller Receivables Settled With Stablecoins
During the Singapore Fintech Festival, Amazon conducted a blockchain tokenization simulation, which involved tokenizing seller receivables, allowing lenders to purchase them at a discount, which could enable sellers to access funds faster. Sellers received payments in the form of StraitsX's XSGD stablecoin, wrapped with Purpose Bound Money (PBM) to ensure regulatory compliance. Though promising, this was a trial, not an official Amazon solution.
- Link

Tether Trade Finance to Completes Stablecoin Funding of Middle Eastern Crude Oil Transaction
Financing $45 million for the loading and transport of 670,000 barrels of Middle Eastern oil between a major oil company and a top-tier commodity trader, this marks a significant move by Tether Investments. Separate from Tether’s stablecoin reserves, this venture uses Tether’s USD₮ to streamline payments, reducing costs and processing times compared to traditional methods.
- Link

France's Caisse des Dépôts to Issue €100 Million in Tokenized Bonds
Partnering with BNP Paribas, Euroclear, and others, the issuance leverages Euroclear's D-FMI platform and the Banque de France's DL3S blockchain for secure settlement, accommodating both CBDCs and regulated stablecoins.
- Link