Singapore’s central bank has completed a live trial of using a wholesale central bank digital currency (CBDC) to settle overnight interbank loans, moving its experiments with tokenised assets onto an operational test network.
The Monetary Authority of Singapore (MAS) said the trial, conducted on its Singapore Dollar Test Network (SGD Testnet), involved three of the city-state’s largest lenders – DBS, Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB).
Transactions were recorded in the banks’ official books and regulatory filings, marking the first live issuance of a Singapore dollar wholesale CBDC, MAS said in a statement.
The SGD Testnet is a shared ledger infrastructure that allows banks and other financial institutions to settle tokenised assets in central bank money.
