If you want to see what “money on-chain” actually looks like in production—not just in whitepapers—watch Singapore this week.
At the Singapore FinTech Festival, the Monetary Authority of Singapore (MAS) did three things that, together, amount to a live-fire rehearsal for a new kind of financial plumbing:
- It completed the first live settlement of interbank overnight loans using a wholesale CBDC (a “digital Singapore dollar” issued by the central bank) between DBS, OCBC and UOB.
- It said it will pilot tokenised MAS bills in 2026, effectively putting Singapore’s risk-free short-term debt on-chain as programmable collateral.
