Hydra X · Strategic Framework

Singapore Tokenised Capital Markets Framework

01 — Executive Summary

Singapore has the foundation to lead tokenised capital markets in Asia. This deck proposes the concrete infrastructure to build on it.

The shift from electronic to tokenised capital markets is the defining infrastructure transition of this decade; the standards and architecture are being set now, by those who move first
Singapore is positioned to set the regional standard, export the model, and become the settlement and liquidity hub for ASEAN tokenised markets
This deck proposes a four-component foundational framework: digital money, tokenised risk-free collateral, digital issuance and registry infrastructure, and trading, clearing and settlement infrastructure. Each is a prerequisite for the one above; all are oriented toward production
The framework is ecosystem-wide by design; fragmentation in a market of Singapore's scale is self-defeating, and common rails are the only path to meaningful liquidity
The monetary and collateral components cannot be built by the market alone; their realisation depends on decisions that MAS and MOF are uniquely placed to make
Legal and regulatory refinements are important elements, recognised here as context but outside the scope of this deck

02 — The Market Vision

Three outcomes Singapore's tokenised capital market framework is designed to enable

Local market depth: SGX and CDP retain full primacy over listings, pricing, trading rules, and market structure; what changes is the settlement layer, and the gains from that change are near-term and tangible
- Settlement compression and real-time collateral mobility deliver faster capital recycling, reduced margin requirements for clearing members, and collateral that was previously locked becoming mobile
- These gains accumulate incrementally; they do not require the full framework to be in place before the first improvement is felt
Regional liquidity: cross-border issuance, pooled collateral, and common order flow become viable on shared rails for the first time; the commercial logic has always existed, the infrastructure has not
- Near-term: a regional company raises capital from investors across multiple markets in a single tokenised issuance; a Singapore institution posts tokenised SGS as collateral on a cross-border position without a separate custody arrangement
- Aspirational but grounded: common ASEAN collateral pools, cross-border margin netting, Singapore as the natural regional clearing venue; each depends on commercial and regulatory alignment across participating markets, but the infrastructure this framework proposes would remove the technical barrier that has blocked them until now
Global capital access: international institutions access Singapore and ASEAN-listed securities through the same DTCC or Euroclear infrastructure they use for everything else; the operational complexity that currently makes ASEAN a difficult allocation largely dissolves
- The DTCC-Canton partnership provides the near-term foundation: SGX-listed tokenised securities on the same ledger as the world's largest settlement infrastructure, with direct access to international liquidity
- Cross-listing with western venues becomes operationally simpler on shared rails: a single tokenised share class, one settlement system, no reconciliation between registers

Context

The shift is already underway. Singapore's window is now.

03 — The Format Shift

The tokenisation of capital markets is a structural shift already in motion; Singapore's opportunity is to lead it

Capital markets have digitalised once before; the move from physical certificates to electronic book entries created the infrastructure that has run global markets for 40 years
That infrastructure is now the constraint: fragmented, nationally siloed, and incapable of atomic settlement or real-time collateral mobility
Tokenisation rebuilds the substrate as programmable, portable, and natively digital, free of those inherited constraints
Singapore's opportunity is to define the regional standards and build the first production infrastructure before the default is set elsewhere

04 — The Global Race

The institutional infrastructure for tokenised capital markets is being built now, and a clear architecture is emerging

The US, Europe and Switzerland have moved decisively, and the direction is consistent
- SNB: wCBDC¹ pilot operating in a live production environment since December 2023, extended through mid-2027
- Nasdaq: dual-track tokenised securities framework approved by the SEC in March 2026, the first of its kind at a major exchange
- ECB: two-track digital euro path committed in February 2025
All three follow the same pattern: government securities as the collateral anchor, sovereign digital money as the settlement layer, permissioned institutional networks as the infrastructure foundation
- Each element maps directly to the proposed framework
Canton Network has built the most credible institutional base for a permissioned settlement ledger
- DTCC and Euroclear are co-chairs of the Canton Foundation
- Digital Asset, Canton's developer, counts BlackRock, Goldman Sachs, Nasdaq, Citadel Securities, S&P Global, and Blackstone among its institutional backers
- Canton currently represents the most defensible hypothesis for an institutional-grade permissioned settlement network

The Framework

Four building blocks, each a prerequisite for the one above

05 — Digital Money as Foundation

Digital money and tokenised securities are co-dependent; neither functions without the other, and both must be built concurrently

A tokenised asset settling against an off-chain cash leg replicates settlement risk in a new format; it does not eliminate it
- Capital recycling and programmatic delivery-versus-payment² both require cash and assets on the same ledger; settlement risk is eliminated by the mechanics of the ledger itself, not through contractual novation by a central counterparty
Digital money is the architectural precondition for a functioning tokenised capital market
- Every design decision in the asset components must be taken with knowledge of what the money component will look like when they meet
Both components can and must be built concurrently; what the dependency logic demands is coordinated design with clear interfaces between components from the outset
Singapore's market is too small to absorb fragmentation; disparate proofs of concept across incompatible digital money instruments compound rather than advance it

06 — The Four Building Blocks

Four building blocks, each dependent on those beneath it: the foundational scaffolding for a production-ready tokenised capital market in Singapore

Each component is a prerequisite for the one above; all are oriented toward production
- This sequence is a design reference, not an execution order; all four components can and should be built concurrently
Building Block 1: Digital money: wholesale digital SGD, tokenised commercial bank deposits, and regulated stablecoins
- Provides the on-chain cash instruments that make atomic settlement possible
Building Block 2: Tokenised risk-free collateral: SGS issued and settled on-chain, the sovereign anchor of the tokenised market
- Without on-chain sovereign collateral, the tokenised market has no risk-free anchor and no atomic clearing capability
Building Block 3: Digital issuance and registry infrastructure: the digital ledger on which tokenised securities are issued, recorded, and transferred, built on Canton Network
- Replaces fragmented, nationally siloed registries with a single programmable layer designed for regulated institutions
Building Block 4: Trading, clearing and settlement infrastructure: the market infrastructure through which tokenised securities are traded and settled, with delivery-versus-payment² in digital money
- Atomic settlement on a shared ledger is the end-state; the near-term step is batched intraday settlement, compressing cycles progressively toward real-time
- Compressed settlement reduces risk, frees capital sooner, and enables real-time collateral mobility at every stage of that progression

Building Blocks 1 & 2

Digital money and tokenised collateral: the monetary and collateral foundations

07 — Building Block 1: Digital Money (Local)

Singapore's digital money architecture requires two tiers, each with a distinct function

Tier 1: MAS-issued digital SGD and regulated SGD stablecoins form the sovereign and near-sovereign settlement tier
- MAS-issued digital SGD is the risk-free settlement instrument: a direct liability of the central bank, providing final and irrevocable settlement
- Regulated SGD stablecoins, issuable under the MAS Stablecoin Framework already in place, provide a near-sovereign complement once licensed issuers are operational
Tier 2: Tokenised deposits issued by DBS, OCBC, and UOB constitute the working commercial money layer on the same ledger as the securities being settled
- Capital markets do not settle in central bank money today; tokenised deposits are the commercial bank money of the existing settlement system placed on-chain
- They preserve the two-tier monetary structure, the bank credit function, and the intraday liquidity that high-volume settlement requires
Together, the two tiers replicate the full monetary architecture on a digital ledger: sovereign money as the anchor, commercial bank money as the working instrument

08 — Building Block 1: Digital Money (Local)

The digital money settlement gap is solvable now, without new regulatory permissions

Moving the MAS SGD Testnet⁹ to production is the logical next step toward the local market depth described in the strategic vision. The tokenised market does not have to wait for that transition to be complete
Tokenised SGD deposits issued by DBS, OCBC, or UOB under existing licensing can be implemented today
- Commercial bank money on a digital rail, not a new instrument class
- No stablecoin authorisation or new regulatory permission required
Once licensed issuers are operational, the MAS Stablecoin Framework provides an additional pathway, reinforcing the settlement stack further
Central bank money, tokenised commercial bank deposits, and regulated stablecoins form a settlement stack with no gap
- On-chain settlement can begin with tokenised deposits today; wCBDC and regulated stablecoins deepen the stack as each becomes available, without requiring the others to be in place first

09 — Building Block 1: Digital Money (Regional and International)

Singapore exports standards, technology, and connectivity; each ASEAN jurisdiction issues its own currency on shared rails

Singapore's exportable product is threefold: the policy template, the technical framework, and the connectivity infrastructure through which regional jurisdictions plug into shared rails
- Policy template: the MAS stablecoin framework and digital money standards as an adoptable model for regional central banks
- Technical framework: GL1³-compatible, ISO 20022¹⁰-aligned implementation templates defining how market participants interconnect to build a complete digital money offering on shared infrastructure
- Connectivity infrastructure: Canton gateway APIs through which local market participants connect to the shared settlement infrastructure
Singapore-regulated platforms accommodate USD digital instruments as a practical matter
- USDC, under the US GENIUS Act framework enacted July 2025, for cross-border settlement involving US counterparties
- Tokenised USD deposits from internationally active banks as the working settlement medium for USD-denominated transactions
- USD instruments operate under Singapore-regulated platform rules; monetary sovereignty is not compromised
Singapore exports the standard and the technology that embeds it; sovereignty over issuance remains with each jurisdiction

10 — Building Block 2: Tokenised Risk-Free Collateral (Local)

Tokenised SGS is the sovereign anchor of Singapore's tokenised capital market, and arguably its single most consequential infrastructure opportunity

Government securities form the collateral backbone of every capital market: used in repo, posted as margin, and central to the benchmark yield curve; in a tokenised market, they must be on-chain to function atomically
- Off-chain SGS cannot serve on-chain repo, margin calls, or atomic clearing without reintroducing the settlement risk the tokenised market is designed to eliminate
- DTCC's December 2025 Canton partnership opened with US Treasury securities for exactly this reason: the collateral anchor comes first
A tokenised market without on-chain sovereign collateral has no risk-free anchor
- On-chain collateral defaults to private credit instruments
- Private credit carries credit risk and degrades precisely when stress hits and collateral is most needed
- Unlike the digital money component, which can be bridged by tokenised deposits while wCBDC¹ reaches production, the collateral anchor has no equivalent interim solution; tokenised SGS is the only path
Tokenised SGS, issued alongside the existing SGS auction process and settled in digital SGD, closes that gap
- It is the on-chain risk-free asset on which Singapore's entire tokenised collateral architecture rests

11 — Building Block 2: Tokenised Risk-Free Collateral (Local)

Real-time collateral mobility is the highest-value near-term application; a single day of US settlement compression released USD 3 billion in margin

Tokenised SGS movable between clearing accounts in real time reduces the collateral haircut and liquidity premium that clearing members must hold today
Collateral efficiency gains from settlement compression alone are documented

USD 3bn

Released in margin when the US moved from T+2 to T+1 in May 2024 — compressing by a single day, without any tokenisation

NSCC⁷ Clearing Fund · DTCC/SIFMA After Action Report
- Atomic settlement of tokenised securities with real-time collateral mobility produces a larger improvement still
Singapore's specific magnitude is a function of SGX-DC clearing volumes and collateral haircuts; clearing members can calculate it directly

12 — Building Block 2: Tokenised Risk-Free Collateral (Regional and International)

Tokenised SGS carries a second function: Singapore's most tangible exportable model for ASEAN, and a bridge to international collateral markets

Together, tokenised SGS and tokenised US Treasuries form the complete on-chain risk-free collateral layer: sovereign in SGD, internationally connected in USD, and exportable as a model across ASEAN
For ASEAN, tokenised SGS is the proof of concept that matters most
- A sovereign bond issued on Canton, settled in digital SGD, with open-source issuance templates: a complete and replicable model
- Singapore does not export SGS; it exports the architecture, the standards, and the technology through which any ASEAN sovereign can tokenise its own government debt on shared rails
For global capital access, tokenised US Treasuries provide the USD-denominated risk-free collateral layer
- US Treasuries are the global collateral benchmark; their on-chain availability alongside tokenised SGS completes the collateral picture for institutions operating across both SGD and USD markets

Building Blocks 3 & 4

Registry, trading, and settlement: the market infrastructure

13 — Building Block 3: Digital Issuance and Registry Infrastructure (Local)

Canton is the defensible choice for Singapore's digital securities infrastructure: technically suited and institutionally adopted

Adoption is the governing argument: Canton has assembled the institutional base that no other permissioned network can match
- DTCC and Euroclear are co-chairs of the Canton Foundation
- Digital Asset, Canton's developer, counts BlackRock, Goldman Sachs, Nasdaq, Citadel Securities, S&P Global, and Blackstone among its institutional backers
Canton is technically suited to regulated capital markets infrastructure from the ground up
- Designed for permissioned institutional networks from the outset, with privacy-preserving sub-transaction visibility
- DAML⁶-based smart contract execution with atomic DvP² at the ledger level
- Built for regulated financial market infrastructure, not retrofitted to it
Singapore's interoperability objective is served directly by being on the same network as the institutions its market needs to reach
- In network infrastructure, network effects compound; late adoption means catching up, not plugging in
- Canton is the most logical choice at this stage; alternative permissioned networks exist, but none currently combine the same institutional adoption with direct connectivity to western settlement infrastructure

14 — Building Block 3: Digital Issuance and Registry Infrastructure (Local)

The commitment to Canton is deliberate; the framework is portable if network conditions change

Architectural flexibility is maintained by separating legal rights and business logic from the smart contract implementation
- Legal rights attached to tokens (ownership, transfer entitlements, economic claims) are defined via legal framework, not encoded in smart contracts
- Business logic, covering matching engines, settlement sequencing, and position management, connects via adaptor and can be maintained independently of the underlying network
- Both can be migrated to a different network without rebuilding from scratch; the Canton commitment is considered, not irreversible
Alternative permissioned networks exist and have been used in Singapore's own pilots
- R3 Corda featured in MAS Project Guardian pilots
- The separation of rights and logic from the network layer keeps the exit open without deferring the production commitment to Canton
CDP is working with Hydra X on Canton integration covering on-chain issuance, digital registry, and DTCC interoperability; the business logic layer is designed to operate independently of the underlying network, connected via adaptor rather than embedded in it
- This architecture provides the technical foundation for the production testing timeline set out in Building Block 4

15 — How Canton Connects the Stack

Canton is the common layer: the single ledger through which money, collateral, securities, and settlement intersect across local, regional, and international participants

Local MAS · SGX · CDP

Digital SGD — wCBDC and tokenised deposits
Tokenised SGS — sovereign collateral
CDP digital register track
SGX — primary market and listings

Canton Network The common layer

Money wCBDC and deposits settle atomically
Collateral SGS and US Treasuries movable in real time
Securities Bonds, sukuk, carbon, private credit
Settlement Atomic DvP, programmable repo

Regional ASEAN exchanges

ASEAN exchange participants on shared rails
Edge-market asset classes: bonds, sukuk, carbon, private credit
Cross-border issuance and shared collateral

International DTCC · Euroclear

DTCC & Euroclear as Canton Foundation co-chairs
SGX securities on the same ledger as western settlement infrastructure
Direct access to international institutional liquidity

Local control, regional liquidity, global capital access — each distinct, all running through the same layer.

16 — Building Block 3: Digital Issuance and Registry Infrastructure (Regional)

Shared infrastructure is what makes regional liquidity achievable: previous attempts had the commercial vision but not the plumbing

The ASEAN Trading Link had the right ambition — cross-border order routing across Singapore, Malaysia, and Thailand — but no centralised clearing and settlement; the commercial vision was sound, the post-trade infrastructure was not
- Connectivity wrappers across mismatched legacy systems produced minimal cross-border flow; the link closed in 2017 without having meaningfully moved the needle
Shared settlement infrastructure is a different proposition: interoperability is built into the foundation from the outset rather than bolted across the top of incompatible systems
- Where commercial interest and political will exist, shared rails allow them to act; the infrastructure no longer stands in the way
- The choice every ASEAN jurisdiction faces in modernising its capital market infrastructure is whether to build on tokenisation-native architecture or updated legacy; the marginal cost of the former is low, and the timing advantage is real
No other ASEAN jurisdiction currently has the institutional depth to build this infrastructure
- Hong Kong's Project Ensemble is the nearest competitive move in the region; the window remains open, but it will not stay that way

17 — Building Block 3: Digital Issuance and Registry Infrastructure (Regional)

Every ASEAN participant retains local control; the network is designed to have no single owner

The sovereignty objection is the first objection in every ASEAN bilateral conversation; it deserves a direct answer
A distributed ledger has no single owner. That is the point
- Each participating jurisdiction issues on its own terms, under its own regulatory perimeter
- Each retains full governance over its own market and participant rules
- Singapore has the opportunity to help build shared infrastructure and connect ASEAN markets to the network; every participant operates as an equal validator
Local control extends across the network; Singapore is one node among many
- Local control, regional liquidity, and global capital access apply to every participant, not only to Singapore
Canton Foundation governance reinforces this by design
- Governed under the Linux Foundation with decentralised structures designed to prevent single-entity control
- No participant, including Singapore, holds unilateral authority over protocol decisions

18 — Building Block 3: Digital Issuance and Registry Infrastructure (Regional and International)

The market penetration opportunity is greatest where infrastructure is absent: edge markets are the natural starting point, with international connectivity from day one

Asset classes where ASEAN exchanges carry no entrenched registry infrastructure offer the lowest-friction market entry
- Digital bonds, sukuk, carbon credits, and private credit are the most immediate opportunities; no incumbent has established a position across these in ASEAN
- The same framework accommodates broader adoption as it proves out; the starting point is not a ceiling
For global capital access, DTCC and Euroclear are co-chairs of the Canton Foundation and building toward production on the same network
- SGX-listed tokenised securities will sit on the same ledger as the two largest global settlement infrastructures
- Direct access to international institutional liquidity, without a separate integration layer

19 — Building Block 4: Trading, Clearing and Settlement Infrastructure (Local)

A dual-track approach is one sensible transition path to atomic settlement; off-chain business logic keeps the full stack portable

A dual-track model, in which tokenised and traditional securities trade under the same identifier, the same rules, and the same investor rights with settlement route determined by instrument format, is one sensible way to preserve liquidity through the transition
- The SEC approved Nasdaq's framework for exactly this architecture in March 2026; SGX's T+2 equities and T+1 government bond cycles are the starting point for progressive compression
- The settlement compression benefits documented in Building Block 2 apply at every stage; the near-term step is batched intraday settlement, building toward real-time
Market-facing business logic — matching engine, pre-trade risk, collateral calculation, position management, and post-trade reconciliation — sits off-chain and connects to the settlement layer via adaptor, rather than being embedded in it
- Existing implementations of each component can be integrated with relatively contained adaptation work
- Each component can be updated or migrated independently as the settlement layer evolves
This architecture means issuers, investors, and market participants can adopt tokenised settlement incrementally, using adapted market logic throughout the transition, until critical mass makes full migration the natural path

20 — Building Block 4: Trading, Clearing and Settlement Infrastructure (Regional and International)

What Singapore exports to ASEAN is a functioning stack; regional adoption can be modular and does not require a complete architectural overhaul

Any regional exchange or CSD can connect its own market logic to Canton via adaptors and access shared settlement infrastructure without a complete overhaul of its own trading and post-trade architecture
- The framework is designed to keep integration work relatively minimal; adoption can be sequenced rather than all-or-nothing
As the regional liquidity outcomes described in the strategic vision become operationally viable, shared infrastructure provides the foundation: common collateral mobility, cross-border settlement, and over time the conditions for Singapore to act as a natural regional clearing venue
- These outcomes require participating markets to align commercially and regulatorily; the infrastructure removes the technical barrier that previous connectivity attempts could not
For global capital access, DTCC and Euroclear extend from the registry component into settlement on the same Canton network
- Cross-border atomic DvP² between Singapore-cleared securities and internationally held collateral becomes achievable without a separate bridge

The Opportunity

A space to build in, not fight through

21 — The ASEAN Opportunity

Singapore is positioned to fill the vacuum; no other jurisdiction in the region has the capability, and the window is open

USD 3.5tn

Combined ASEAN market capitalisation across ten markets — collectively significant, individually too small to retain internationally active issuers

World Federation of Exchanges · 2025

No ASEAN jurisdiction currently has the standards, the plumbing, or the institutional expertise to build regional tokenisation infrastructure
- Countries are watching and want to participate; none yet has the capability to build
Singapore enters a space to build in, not fight through
- Singapore enters with the foundation already in place: MAS regulatory credibility, SGX institutional relationships, and established connections to DTCC, Euroclear, and the BIS
- Tokenisation is the instrument that converts that position into regional infrastructure ownership
Building Block 3 identifies where the market entry opportunity is most immediate; broader adoption follows as the framework proves out

22 — The ASEAN Opportunity

The ambition is infrastructure ownership; the Nasdaq and ICE precedent shows where durable strategic value lies

Nasdaq and ICE grew substantially through acquisition. That is not the relevant precedent
- What they became is the model: infrastructure and technology companies whose revenues are independent of their own listing volumes
- Both now serve markets they nominally compete with, providing standards, registry, clearing, and settlement technology to exchanges across multiple jurisdictions
Singapore's path to an equivalent position in ASEAN is organic rather than acquisitive, which is harder and slower. The destination is the same
- Owning the rails others depend on, with the revenue durability and strategic leverage that follows
- Listing rankings and AUM tables fluctuate; infrastructure ownership compounds
A complete stack is required for this ambition to be realisable
- A network standard in isolation can be proposed but cannot be exported to production
- Only a complete stack of money, collateral, registry, trading and settlement creates the capability that others can adopt and depend on

23 — The Infrastructure Ownership Model

Singapore does not connect the spokes; it owns the rails they run on

SGX · CDP · MAS First and primary user of the rails

Singapore Infrastructure Layer

Digital Money

Tokenised Collateral

Issuance & Registry

Trading & Settlement

▶

DTCC

Euroclear

International

Indonesia

Malaysia

Thailand

Philippines

Vietnam

Hong Kong

Each market connects to the rail — not to Singapore's node. Equal participants in shared infrastructure.

"Each ASEAN market issues on its own terms, clears on shared rails, and connects to international liquidity through infrastructure Singapore built and maintains. Governance of that infrastructure is decentralised by design; no participant, including Singapore, holds unilateral control."

24 — The Role of Banks

Banks are structurally central to tokenised capital markets, and the commercial opportunity is genuine

Tokenisation changes the infrastructure on which banks operate; credit provision, liquidity making, risk transformation, and client distribution remain bank functions
- Tokenisation modernises the layer beneath bank intermediation; the intermediation itself remains
Collateral management across tokenised platforms is a particularly significant commercial opportunity
- Actively managing tokenised SGS on behalf of clearing members is a new business line with genuine pricing power, not a repackaging of an existing one
- The collateral pool that clearing members currently hold as a static buffer becomes, under this framework, a dynamically managed asset — and the bank that manages it best earns a defensible revenue stream
The broader revenue set is new, defensible, and scales with market volume
- Issuance agency and trusteeship, institutional digital asset custody, market-making in tokenised secondary markets, tokenised deposit infrastructure for settlement
- Each of these is a growth line rather than a migration of existing revenue; the total addressable market expands with the infrastructure
Singapore's domestic banks are well-positioned to lead
- DBS, OCBC, and UOB carry the relationship advantage, the regulatory standing, and the local knowledge that international banks entering the region cannot replicate
- Goldman's Digital Assets Platform is already on Canton and building into tokenised settlement and custody; Singapore's banks have the home advantage, and the opportunity is there to take it

Implementation

Coordination, sequencing, and what can be built now

25 — Sequencing and Concurrency

The building blocks have a clear dependency order; the programme can and should be built concurrently

Each building block has a natural order: digital money must exist before collateral can be anchored on-chain; collateral must be on-chain before the registry can function atomically; the registry must be live before settlement infrastructure can clear
- This order governs design decisions — each component must be built with the one above it in mind — and it determines where problems propagate if something falls short
That order does not mean building one thing at a time; it means building all four concurrently, with clear handoff points agreed in advance
- Each component needs to be production-ready when the one above it needs it — not before, but not after either
- Working sequentially would extend the programme by years and surrender the standards-setting window to other jurisdictions
The Swiss precedent demonstrates the model
- The SNB, SIX, and the commercial banks ran concurrent workstreams on the wCBDC¹ pilot, SDX⁸ registry infrastructure, and tokenised bond issuance
- Meaningful output across all three arrived within a compressed window because no component waited for another

26 — Coordination: Who Is Best Placed to Do What

The framework requires coordinated action across four actors; each has a role that cannot be substituted

	Primary decision	Supporting role
MAS	Digital SGD production readiness; tokenised SGS issuance programme; digital securities regulatory perimeter	Standards body for ASEAN adoption; bilateral legal equivalence discussions
SGX and CDP	Dual-track market infrastructure; Canton and DTCC integration; digital registry alongside existing CDP	Primary market infrastructure for tokenised securities; regional exchange connectivity via shared settlement infrastructure
Banks	Tokenised deposit infrastructure for settlement; institutional digital asset custody; collateral management across platforms	Issuance agency and trusteeship; market-making in tokenised secondary markets
MAS and Banks jointly	Regulated SGD stablecoin framework operationalised; Singpass¹¹ extension to institutional wallet credentials	Tokenised interbank settlement networks, including Partior, connecting to the Canton settlement layer

27 — From Framework to Production

Three capabilities in development now, ready for production-level testing within 12 to 18 months

CDP is working with Hydra X to build the Canton integration capabilities described in this framework
Three capabilities will be ready for testing in a production-equivalent environment within 12 to 18 months:
- On-chain collateral issuance and acceptance on Canton
- A digital registry track operating alongside existing CDP infrastructure
- Live interoperability with DTCC on the same Canton network
This integration is the technical beachhead: the operational foundation from which the components above can be built as MAS and the banking sector move on their respective workstreams
- It allows Singapore to demonstrate capability to DTCC, Euroclear, and regional participants, rather than project it

28 — Where Movement Is Needed

Four areas are awaiting decisions; progress on any one of them advances the whole

Wholesale digital SGD: moving the MAS SGD Testnet⁹ from pilot to limited production for approved institutional participants
Tokenised SGS: launching a tokenised SGS tranche alongside the existing auction programme
Tokenised deposits: implementing tokenised SGD deposit infrastructure by Singapore's major banks
Market infrastructure: integrating new or updated market logic — matching, settlement, risk, collateral management — with existing SGX and CDP infrastructure via Canton

This treatment represents one considered view of how Singapore could approach the current opportunity, and lead the next era of Asian capital markets.

1wCBDC — wholesale central bank digital currency: digital money issued by a central bank directly to regulated financial institutions, not the public. Distinct from retail CBDC, which would be issued to individuals.

2DvP — delivery-versus-payment: the simultaneous exchange of securities and cash that eliminates the settlement interval and the counterparty risk that arises when one leg settles before the other.

3GL1 — Global Layer One: the BIS-convened initiative establishing common standards for cross-border tokenisation interoperability among regulated institutions.

4BIS Agora — a multi-central-bank programme exploring tokenised commercial bank deposits and wCBDC on a shared platform across jurisdictions.

5Project Meridian — Bank of England model for synchronising traditional RTGS settlement infrastructure with tokenised asset rails during the transition period.

6DAML — the native programming language developed by Digital Asset for financial smart contracts on Canton, designed specifically for privacy-preserving settlement logic in regulated institutions.

7NSCC — National Securities Clearing Corporation: the US central clearing counterparty, a subsidiary of DTCC.

8SDX — SIX Digital Exchange: Switzerland's fully regulated distributed ledger-based financial market infrastructure, licensed by FINMA to operate as both a stock exchange and a central securities depository.

9MAS SGD Testnet — the Monetary Authority of Singapore's pilot infrastructure for wholesale digital SGD, providing a controlled environment for testing central bank digital currency settlement between approved institutional participants. Moving to production would make digital SGD available for live institutional settlement transactions on a DLT-based platform.

10ISO 20022 — a global standard for electronic data interchange between financial institutions, increasingly adopted by central banks, SWIFT, and settlement infrastructures worldwide for payments and securities messaging. Alignment with ISO 20022 ensures any implementation speaks the same language as the world's major payment and settlement systems.

11Singpass — Singapore's national digital identity platform, operated by GovTech. An extension to institutional wallet credentials would enable KYC to be performed once, embedded in a wallet credential, and verified programmatically at point of transaction — making Singapore-based wallets inherently compliant on regulated platforms by design.