MAS, SWIFT, Chainlink, and UBS Successfully Test Tokenized Settlements

In early November 2024, the Monetary Authority of Singapore (MAS) joined forces with SWIFT, Chainlink, and banking giant UBS to complete a pilot program for settling tokenized assets. This program tested ways for financial institutions to settle transactions using tokenized assets, but with a unique approach—allowing these transactions to be settled in traditional currency (fiat) or other non-crypto funds. By doing so, the pilot demonstrated that banks and other financial institutions could participate in tokenized markets without needing to hold any cryptocurrency directly.

This successful pilot marks a key step for traditional banks exploring tokenized assets, potentially opening the door for broader adoption across the financial sector.