India Launches ‘Demat 2.0’ Pilot to Tokenize Corporate Bonds

The pilot's significance lies in the pairing of tokenized corporate bonds with wholesale central bank money, which addresses the settlement leg that most tokenization experiments leave unresolved. If it holds, the model could give India's bond market a delivery-versus-payment rail that existing digital-asset pilots lack. The open question is whether issuance remains confined to a handful of large borrowers or extends to the broader market, and whether the digital rupee leg becomes a permanent part of the settlement stack.