REC Raises INR 5 Billion in India's First Tokenised Bond Pilot
Indian infrastructure financier REC completed a tokenised corporate bond issuance using wholesale central bank digital currency settlement.
REC raised INR 5.0 billion through a tokenised corporate bond pilot. The transaction settled via atomic delivery-versus-payment using the Reserve Bank of India’s wholesale central bank digital currency. Pay-in, allotment, and listing on the National Stock Exchange and BSE occurred on the same day. The issue carried a 7.30% coupon with a tenor of one year and nine months. Bids totaled INR 7.96 billion against an accepted amount of INR 5.0 billion. This marks the first pilot issue of tokenised corporate bonds under the SEBI regulatory sandbox.
The process integrated securities and central bank money within a single atomic settlement framework. No changes were made to the existing bond-distribution venue. The National Stock Exchange’s electronic bidding platform facilitated the transaction. This execution model ensures simultaneous transfer of assets and funds. The pilot demonstrates the feasibility of combining tokenised securities with wholesale CBDC infrastructure.
Institutional Crypto Trading Expands Regionally
Standard Chartered launched deliverable Bitcoin and Ether spot trading in the UAE. The service is available to eligible institutional clients through its Dubai International Financial Centre operation. Clients can settle with their chosen custodian, including the bank’s own UAE digital-asset custody service. This launch follows the bank’s UK branch starting similar trading in July 2025. The move extends the bank’s capabilities across additional regulatory jurisdictions.
Korea Maps Out Tokenised Securities Roadmap
South Korea’s Financial Services Commission published a three-stage roadmap for tokenised securities. Phase one begins with amendments to the Electronic Registration Act effective February 2027. Initial coverage includes institutional private money-market funds and bonds. Subsequent phases will expand eligible public securities and introduce on-chain payments linked to stablecoins. The design prioritizes institutional investors before broader public access.
The roadmap links securities companies with the Korea Securities Depository and exchange infrastructure. Clearing, settlement, and rights management remain within the existing capital-market architecture. This approach distinguishes the Korean framework from regimes focused primarily on fractional retail products. The phased rollout aims to integrate tokenised assets into standard financial operations.
Market Stability and Network Pauses
Liquid Network paused new transactions following significant Bitcoin withdrawals. Approximately $320 million in Bitcoin was withdrawn from the system. The network, launched by Blockstream in 2018, halted operations to address the liquidity event. Global standard setters are concurrently addressing cyber resilience issues. Financial market infrastructure providers are reviewing their dependence on third-party service providers.
These developments highlight the evolving landscape of digital asset infrastructure. The REC pilot represents a concrete step in India’s financial infrastructure modernization. Standard Chartered’s expansion indicates growing institutional demand for deliverable crypto assets. South Korea’s roadmap outlines a structured path for tokenised securities adoption. The pause in Liquid Network underscores the operational risks inherent in cross-chain settlement systems. GN auto markets/bonds: corporate bonds notes these shifts as key developments in the sector.
