These plans involve forming commercial networks to enhance liquidity, building a supportive ecosystem for tokenised market infrastructures, establishing industry frameworks for tokenisation standards, and promoting access to a shared settlement facility for tokenised assets.
As part of Project Guardian, MAS has collaborated with over 40 financial entities, associations, and policymakers from seven jurisdictions to test the use of tokenised assets in capital markets. To date, more than 15 trials have been conducted across six currencies and various asset classes.
With industry trials now maturing, MAS is facilitating coordinated commercialisation to connect products and services across currencies and asset types, aiming to improve liquidity in both primary and secondary markets. Some industry players, including Citi, HSBC, Schroders, Standard Chartered, and UOB, have formed the Guardian Wholesale Network to support the commercial scaling of tokenisation projects and increase transaction volumes.
In 2023, MAS launched the Global Layer One (GL1) initiative to build foundational digital infrastructures, with major banks such as BNY Mellon, Citi, J.P. Morgan, MUFG, and Societe Generale-FORGE leading development. The GL1 framework aims to support interoperable market infrastructures, allowing seamless cross-border transactions for tokenised assets.
Upcoming GL1 activities include setting governance and risk control principles for cross-border dealings, establishing technical specifications for asset lifecycles, and creating templates for programmable compliance to streamline onboarding. GL1 has expanded with new participants, including Euroclear and HSBC, and will soon establish a working group to refine control principles for digital securities.
To encourage broad adoption of tokenised assets, the MAS published two frameworks created by Project Guardian participants. The Guardian Fixed Income Framework (GFIF) consolidates standards from international associations for implementing tokenisation in debt markets, while the Guardian Funds Framework (GFF) provides guidance for structuring tokenised investment vehicles.
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