The Monetary Authority of Singapore (MAS) announced that it conducted the first live transaction using its wholesale CBDC (wCBDC). This involved using the wCBDC for overnight interbank lending with DBS, OCBC and UOB participating in the test. The pilot transaction also marks the launch of the SGD testnet.

Plans for the wholesale CBDC were announced last year in order to support the settlement of tokenized assets. In addition to the wholesale CBDC, the SGD testnet supports atomic settlement of cash and securities and programmable transactions.

While MAS announced plans for the distributed ledger SGD testnet a year ago, it also ran wholesale CBDC tests in 2023. At that time the wCBDC was used as part of tokenized deposit trials. MAS was amongst the first central banks to conduct extensive CBDC research, both retail and wholesale as part of Project Ubin, which commenced nine years ago.

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