India’s market regulator SEBI launches a pilot program under “Demat 2.0” for tokenized bonds, issuing $107 million worth of tokenized corporate debt through three issuers. The pilot introduces a process for bond issuance and settlement using tokenized infrastructure.
Both outlets report that settlement in the pilot uses a wholesale central bank digital currency (CBDC). Cointelegraph adds that SEBI outlines further steps for Demat 2.0, including later phases that enable secondary trading and expand access so tokenized bonds can be offered to retail investors. The Block focuses more on the scale of issuance in the pilot—over $100 million—and the involvement of multiple issuers.
Together, the coverage presents the pilot as a staged rollout: initial tokenized bond issuance and settlement are tested first, while secondary-market functionality and broader investor access are planned for subsequent phases.
