Philippines introduces tokenized treasury bonds
On Monday, November 20, the Philippines is set to make history by introducing its inaugural sale of tokenized treasury bonds , a significant move aimed at advancing the development of its domestic debt market. The Bureau of the Treasury has disclosed plans to present a minimum of 10 billion pesos ($179 million) worth of one-year tokenized bonds, leading to the cancellation of the initially scheduled regular bills auction on the same day, as reported by Bloomberg on November 16. The adoption of blockchain and tokenized securities for fundraising has gained traction in Asia, with Hong Kong successfully issuing HK$800 million in tokenized green bonds in February. These securities leverage distributed ledger technology (DLT), holding the promise of enhancing liquidity and transparency within debt markets. Additionally, HSBC Holdings announced earlier this month that it has successfully conducted test token deposits in intra-group treasury transactions using blockchain technology. ...