The Monetary Authority of Singapore (MAS) announced support plans to deepen asset tokenization on Monday. MAS aims to strengthen its leadership position in commercial networks while enhancing the liquidity and adoption of tokenization in financial services.
Tokenization Strategies and Objectives
MAS will focus on establishing commercial networks, developing market infrastructures, supporting industry frameworks, and enabling settlement capabilities to advance asset tokenization.
Project Guardian and Participants
Under Project Guardian, MAS collaborates with over 40 financial institutions, industry associations, and international policymakers across seven countries. This initiative aims to increase the liquidity and adoption of tokenized asset transactions.
“By integrating the products and services of most participants across multiple currencies and assets, significant advancements can be made in capital raising, secondary trading, asset services, and settlement of tokenized assets.”
Industry Frameworks and New Infrastructures
To support the acceptance and implementation of asset tokenization in the financial sector, MAS has published two industry frameworks: the Guardian Fixed Income Framework (GFIF) and the Guardian Funds Framework (GFF). Additionally, it plans to facilitate seamless cross-border transactions by providing a Global Layer One (GL1) digital infrastructure ecosystem.
BNY, Citi, J.P. Morgan, MUFG, and Societe Generale-FORGE are leading efforts to define the business, governance, risk, legal, and technological requirements of the GL1 Platform. Meanwhile, Euroclear and HSBC focus on the security control principles for digital assets.
Crypto Projects and Tokenization of Real-World Assets
Ripple 
$1 collaborates with crypto exchange Archax to support the tokenization of real-world assets on the XRP Ledger. Ripple has allocated $10 million to mint U.S. Treasury bonds on the XRPLedger, aiming to facilitate the trading of real-world assets through digital tokens.
Aurum Equity Partners launched a $1 billion tokenized equity and debt fund on the XRP Ledger. This fund is marketed as “the world’s first combined equity and debt tokenized fund” and includes $90 million in tokenized U.S. Treasury bonds on platforms like Ethereum 
$2,076 and Arbitrum.
MAS’s support for asset tokenization could contribute to Singapore’s role as a pioneer in financial technologies.
