India pilots tokenized corporate bonds settled via RBI's digital rupee

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India's Securities and Exchange Board (SEBI) has launched a pilot program called Demat 2.0 that converts corporate bonds into digital tokens. Settlements under the initiative are processed using the Reserve Bank of India's wholesale digital rupee. The move targets India's corporate bond market, valued at approximately $620 billion. Secondary market trading and broader retail investor access are planned for subsequent phases of the rollout.

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