The Monetary Authority of Singapore conducted two pilot issuances of tokenized MAS Bills settled using wholesale Singapore dollar central bank digital currency on the SGD Testnet in September and October 2026. The first issuance, on September 23, was S$1 million and matured after one week. The second was S$10 million and matures on October 23. MAS Managing Director Chia Der Jiun described the settlement initiative in an October 9 keynote at the INSEAD Digital Finance & Agentic AI Summit. The trials are limited to institutional investors and primary dealers, not retail users. They extend the SGD Testnet’s use beyond the interbank overnight lending transactions it first settled among DBS Bank, OCBC and UOB in November 2025. The pilot amounts are experimental compared with standard MAS Bill auctions, which regularly exceed S$10 billion. MAS is also consulting on amendments to the Payment Services Act for its Single-Currency Stablecoin framework, with the consultation closing on October 16.