On 13 November 2025, the Monetary Authority of Singapore announced the successful completion of a live trial for settling interbank overnight lending transactions using wholesale central bank digital currency. The trial took place on the Singapore Dollar Test Network, an operational shared ledger designed to support settlement of tokenised financial assets. DBS, OCBC and UOB participated in the pilot and recorded the first live issuance of Singapore dollar wholesale central bank digital currency in their official books and regulatory filings. The Testnet initiative aims to provide financial institutions with a common settlement asset, programmable payment logic and atomic settlement of cash and securities. MAS plans to build on this pilot by issuing tokenised MAS Bills to primary dealers for settlement using wholesale central bank digital currency. Further details of the next phase will be released in 2026. It sets out the background to the Singapore Dollar Test Network and explains its role in supporting settlement of tokenised financial assets.
The Singapore Dollar Test Network supports financial institutions in experimenting with settlement processes for tokenised assets. MAS launched plans for this development in November 2024 as part of a broader strategy to advance asset tokenisation through commercial networks and shared settlement assets.
The live trial was completed on 13 November 2025. It marks the first use of wholesale central bank digital currency issued on the Testnet. The next trial involving tokenised MAS Bills will be announced in 2026.
Testnet settlement functionalities
The Testnet enables issuance, transfer and redemption of wholesale central bank digital currency as a common settlement asset. It allows programmable conditions that support real time execution of payment terms. It also supports atomic settlement of cash and securities in a single workflow.
Financial institution participation
DBS, OCBC and UOB participated in the trial. Transactions were recorded in their official books and regulatory submissions, demonstrating feasibility for production level settlement flows.
MAS’ planned next steps
MAS intends to extend the pilot to tokenised MAS Bills. These will be issued to primary dealers and settled using wholesale central bank digital currency in future trials. Detailed plans will be released in 2026. MAS previously announced its plans on 4 November 2024 to expand asset tokenisation through infrastructure development, industry frameworks and access to shared settlement assets.
