The Monetary Authority of Singapore (MAS) plans to trial tokenized bills settled with wholesale central bank digital currency (CBDC) as the next phase of integrating  blockchain-based finance into its economy. The Singapore central bank is also preparing draft legislation for a stablecoin regulatory regime, MAS managing director Chia Der Jiun said at Singapore Fintech Festival on Thursday. “If tokenized transactions are to scale globally, then these settlement assets must be no less robust and safe,” Der Jiun said. “At the current stage, market participants are experimenting with different settlement assets for different use cases.”