Three Indian issuers raised 10.25 billion rupees, or approximately $107.2 million, through tokenized corporate bonds under the Securities and Exchange Board of India’s “Demat 2.0” pilot. REC Ltd. raised 5 billion rupees from 18 investors, while L&T Ltd. raised a similar amount from four investors. IIFL raised 250 million rupees from one investor on the same day. The pilot records corporate bonds as native digital tokens on a distributed ledger held by depositories. Its infrastructure connects to the RBI’s wholesale CBDC through the central bank’s “Unified Payments Interface,” enabling atomic settlement of bonds and funds.