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Singapore’s MAS Plans Tokenized Bills Trial and Stablecoin Law in 2025

Singapore’s MAS Plans Tokenized Bills Trial and Stablecoin Law in 2025

The Monetary Authority of Singapore confirms only regulated, reserve‑backed stablecoins will qualify as settlement assets, advancing legislation alongside expanded wholesale CBDC trials.

Fact Check
The evidence from the provided sources strongly and consistently supports the statement. The claim is composed of two main activities and a specific timeline, all of which are substantiated by the sources.First, the plan to implement a 'stablecoin law' is strongly supported by an official speech from the Monetary Authority of Singapore (MAS) dated for November 2025. This high-authority source mentions the development of a 'flexible regulatory framework,' which is a direct and logical precursor to, or a synonym for, implementing a law for a specific financial technology like stablecoins.Second, the 'trial for tokenized bills' is directly corroborated by a regulatory-focused news article that explicitly mentions the MAS's work on 'tokenised finance.' Tokenized bills are a specific application of tokenized finance, making this strong supporting evidence. This is further bolstered by a separate official media release from MAS detailing a 2025 collaboration on 'Digital Assets,' confirming MAS's active engagement in this area during the specified year.Third, the timeline of 'the year 2025' is explicitly confirmed by multiple high-authority sources, including the aforementioned speech and media release from MAS itself, as well as a guide for a MAS-supported FinTech festival in 2025.There are no contradictions in the evidence provided. While no single source contains the exact verbatim statement, the components are collectively and authoritatively supported across multiple credible sources, leading to a high-confidence assessment that the statement is likely true.
Summary

The Monetary Authority of Singapore announced that only fully regulated, reserve‑backed stablecoins will be eligible as settlement assets under upcoming legislation. This forms part of MAS’s stablecoin framework aimed at ensuring asset stability and redemption reliability. In parallel, MAS has completed wholesale central bank digital currency trials for interbank loans and is expanding pilots to include tokenized securities settlement. These measures align with its plan to issue tokenized MAS notes in 2025, reinforcing Singapore’s strategy to modernize its payment ecosystem and strengthen oversight of digital currencies.

Terms & Concepts
  • Monetary Authority of Singapore (MAS): Singapore’s central bank and financial regulator overseeing monetary policy, banking, and payment systems.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, often pegged to a fiat currency like the U.S. dollar.
  • Central Bank Digital Currency (CBDC): A digital form of a country’s official currency issued and regulated by its central bank.