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RWATwo painted territories, one indigo and one saffron, meet through three vermilion stitches on ivory paper crossed by interrupted routes.25 August 2026 · 4 min

India prepares a tokenized bond that needs two wallets

India is preparing its first pilot issuance of tokenized corporate bonds for September, according to Reuters. The agency reported the plan on 24 August, citing three people with direct knowledge of the discussions. REC, a state-owned power-sector financier, would issue less than 5 billion rupees, about $57 million. The deal would be restricted to a selected group of investors and carry an initial three-month lock-up. The reported design requires two accounts. One is a wholesale digital-rupee wallet supplied by a bank. The other, described as “DEMAT 2.0”, holds the bonds on a distributed ledger being developed by India’s depositories. Investors would pay with central-bank digital currency. A secondary market is expected in December, but only participants with both compatible wallets could trade. The Securities and Exchange Board of India, or SEBI, publicly confirmed the broader direction in May. Chairman Tuhin Kanta Pandey said the regulator was exploring a corporate-bond pilot to test faster settlement, traceability, automated servicing and transparency. However, SEBI, the Reserve Bank of India and REC did not confirm this week’s reported timetable or parameters to Reuters. Those details therefore remain claims attributed to the agency’s sources, not an official launch notice.

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