TechFlame reported that senior officials from the Monetary Authority of Singapore (MAS) stated on Thursday that the central bank plans to advance the development of a scalable and secure tokenized financial ecosystem. To this end, MAS will launch a pilot program for tokenized MAS bills next year and introduce relevant legislation to regulate stablecoins. At the Singapore FinTech Festival, MAS Managing Director Chia Der Jiun noted, "Tokenization has taken off, but have asset-backed tokens reached 'escape velocity'? Not yet." He emphasized that MAS has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislation, with a core focus on "robust reserve asset backing and reliable redemption mechanisms." Chia Der Jiun also added that MAS is supporting various pilot projects under the "Blue Initiative," which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement. (Jin10)