The Monetary Authority of Singapore (MAS) and 11 financial institutions are partnering for Project Guardian, testing asset tokenization across various financial classes. Trials will cover asset and wealth management, foreign exchange, and fixed income. They will explore digital asset trade pricing, execution, asset-backed security tokens, and pilot repurchasing agreements with digital bonds. Japan’s Financial Services Agency is the first overseas regulator to join. MAS also released a whitepaper on purpose-bound money, enhancing digital asset ecosystems while managing risks.