The Monetary Authority of Singapore's flagship tokenisation programme now hosts more than thirty institutional participants across eighteen live trials covering wholesale FX, tokenised funds, and on-chain settlement.
Project Guardian, the Monetary Authority of Singapore's institutional tokenisation programme, has crossed thirty participating institutions. The list now includes JPMorgan, DBS, Standard Chartered, HSBC, Citi, Apollo, Franklin Templeton, Ondo, Schroders and Ripple — a roster that, three years ago, would have been considered impossible to assemble inside the same regulatory sandbox.
What the trials actually test
Guardian is not a research paper exercise. Of the eighteen active trials, fourteen involve real settled flows: wholesale FX between JPMorgan and DBS, tokenised money-market fund subscriptions through Franklin Templeton, on-chain repo against tokenised treasuries, and structured-credit issuance through Apollo. Volume is modest by capital-markets standards but the architectural patterns are now production-grade.
Two chains carry almost all the traffic. Ethereum mainnet handles the wholesale equity and credit flows where finality time is acceptable. Avalanche Evergreen — a permissioned subnet model — runs the FX and repo trials where regulators wanted KYC at the validator layer. The CBDC integration pilot, S$BIS, has been quietly extended for another twelve months.
Singapore stopped asking whether tokenisation works two years ago. The question now is which rails get rewarded for compliance.
Why MAS leads the field
Two reasons. The regulator wrote bespoke rules early — the Payment Services Act and the Variable Capital Companies regime gave issuers a usable wrapper before the SEC, the FCA or BaFin had finished the consultation phase. And MAS treats tokenisation as infrastructure policy rather than a crypto-adjacent curiosity, which is why a thirty-firm roster of global tier-ones agreed to participate.
Singapore is functionally a year ahead of every other major financial jurisdiction on tokenised-asset settlement. When the US CLARITY Act eventually passes, the playbook MAS already wrote will be the one onshore desks adopt. Watch the Guardian participant list — it is the order book for the next decade of institutional rails.
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