India has begun a pilot to tokenize its $620 billion corporate bond market, using the country’s digital currency infrastructure for settlement. Under the Securities and Exchange Board of India’s Demat 2.0 pilot, corporate bonds are being converted into digital tokens, while payment is settled through the Reserve Bank of India’s wholesale digital rupee. The rollout is still in its early stage, but the framework points to a broader plan for digitized bond market infrastructure. Later phases are expected to add secondary market trading and open access to retail investors, extending the pilot beyond the initial settlement setup. The move links tokenized securities with central bank digital currency rails in a live market experiment.
India has started a pilot to tokenize its $620 billion corporate bond market.
Under the Securities and Exchange Board of India’s Demat 2.0 pilot, corporate bonds are being converted into digital tokens, with payment settled through the Reserve Bank of India’s wholesale digital rupee.
Secondary trading and retail access are expected in later phases.
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