Deployments · platform by Monetary Authority of Singapore

MAS Singapore dollar wholesale CBDC live trialsUpdated 15 Oct 2026

MAS issues Singapore dollar wholesale CBDC on its SGD Testnet shared ledger to settle tokenised transactions between banks. In November 2025 DBS, OCBC and UOB settled interbank overnight loans in wholesale CBDC, the first live issuance, with the trades booked in the banks' official records. A further trial issues tokenised MAS Bills settled in wholesale CBDC through the SGD Testnet: a S$1 million one-week bill was scheduled for issue on 23 September 2026 and a S$10 million two-week bill on 9 October 2026.

Pilot since 13 Nov 2025^[1]i — Live trial with three banks; no value disclosed. · Reviewed 24d ago i

Assets

Debt securityWholesale central-bank money^[1]

Singapore dollar wholesale CBDC

Networks

SGD Testnet ledger Private, permissioned^[2]

Use cases i

Domestic payments^[1]Delivery versus payment (DvP)^[3]Primary issuance^[3]

Jurisdictions

Singapore

Participants

• Monetary Authority of SingaporePlatform provider, Operator, Issuer^[1]Singapore
• DBSCounterparty^[1]Singapore
• OCBCCounterparty^[1]Singapore
• UOBCounterparty^[1]Singapore

Assets

• IssuesSingapore dollar wholesale CBDC (MAS, SGD Testnet)^[1]
• IssuesTokenised MAS Bill TD26100F (one-week), 2026^[3]
• IssuesTokenised MAS Bill TD26101Z (two-week), 2026^[3]

Metrics i

• up to S$1mTokenised MAS Bill amount offered (TD26100F) · as of 23 Sep 2026^[3]
  Amount offered; allotment not published.
• up to S$10mTokenised MAS Bill amount offered (TD26101Z) · as of 9 Oct 2026^[3]
  Amount offered; allotment not published.

Timeline

1. Expected 23 Oct 2026 · Production milestone · recorded 15 Oct 2026
   Scheduled maturity of the second tokenised MAS Bill (TD26101Z).^[3]
2. Happened 9 Oct 2026 · Production milestone · recorded 15 Oct 2026
   Second tokenised MAS Bill (TD26101Z, S$10 million, two weeks) scheduled for issue.^[3]
3. Happened 30 Sep 2026 · Production milestone · recorded 15 Oct 2026
   Scheduled maturity of the first tokenised MAS Bill (TD26100F).^[3]
4. Happened 23 Sep 2026 · Scope expansion · recorded 15 Oct 2026
   First trial tokenised MAS Bill (TD26100F, S$1 million, one week) scheduled for issue, settled in wholesale CBDC via the SGD Testnet.^[3]
5. Happened 13 Nov 2025 · First transaction · recorded 11 Oct 2026
   DBS, OCBC and UOB settle interbank overnight lending in the first live issuance of Singapore dollar wholesale CBDC.^[1]
6. Happened 4 Nov 2024 · Launch · recorded 11 Oct 2026
   MAS launches the SGD Testnet for settling tokenised transactions with wholesale CBDC.^[2]

Sources i