The Monetary Authority of Singapore (MAS) plans to pilot the issuance of tokenized MAS bills by 2026, as announced by MAS Chief Chia Der Jiun at the Singapore FinTech Festival. The initiative will be accompanied by a draft law for stablecoin regulation, emphasizing adequate reserve backing and redemption reliability. In a significant development, three Singaporean banks—DBS, OCBC, and UOB—have completed the first real-world trial of wholesale CBDC for overnight interbank lending in Singapore dollars. The next phase will extend CBDC settlements to include tokenized MAS bills. Additionally, under the "Blue Initiative" framework, MAS supports settlement tests using tokenized bank liabilities and regulated stablecoins, with regulatory guidelines for tokenized capital market products expected this week.