India’s First Tokenized Bond Issue: How RBI’s Wholesale CBDC Powers DEMAT 2.0
- REC’s September tokenized bond pilot is expected to remain below ₹500 crore.
- DEMAT 2.0 records bond ownership, while the RBI’s e₹-W settles payment in digital rupees.
- Selected investors need both DEMAT 2.0 and e₹-W wallets during the September pilot.
India is preparing its first tokenized corporate bond issue for September 2026, with state-owned REC expected to raise less than ₹500 crore. The pilot combines DEMAT 2.0, a new securities wallet, with RBI’s wholesale central bank digital currency, e₹-W.
That design keeps the transaction inside regulated infrastructure while excluding Bitcoin, Ethereum, USDT, and other public crypto assets. The REC blockchain bonds pilot, therefore, tests blockchain-based securities records without turning the bond or its settlement money into public cryptocurrency.
DEMAT 2.0 Moves Bond Ownership Onto Distributed Ledger…
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