PANews reported on November 13th that, according to Jinshi, the top official of the Monetary Authority of Singapore (MAS) stated on Thursday that the central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot program for tokenized MAS notes will be launched next year, and relevant legislation will be introduced to regulate stablecoins. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, pointed out at the Singapore Fintech Festival: “Tokenization has begun, but have asset-backed tokens reached ‘escape velocity’? Not yet.” He stated that the Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislation, with the core focus being “robust reserve asset backing and reliable redemption mechanisms.” Chia Der Jiun also added that the Monetary Authority of Singapore is simultaneously supporting various pilot projects under the “Blue Initiative,” which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.