The Philippine Treasury Bureau announced that it will offer 10 billion pesos ($179 million) of one-year tokenized treasury bills for the first time, after canceling the traditional auction scheduled for November 20.

The Treasury Bureau will offer the tokenized securities to institutional buyers at a minimum denomination of 10 million pesos and in increments of 1 million pesos. The bonds will have a validity of one year and mature in November 2024. Second According to Bloomberg, the final interest rate will be announced on the issuance date.

The bonds will be issued by the state-owned Development Bank of the Philippines and the Real Estate Bank of the Philippines.

When asked whether the government will explore the continued use of tokenized real assets and bonds, Deputy Finance Erwin Sta replied: “We will continue to study the technology and see how far we can push it.”

The Philippines’ move to issue tokenized bonds instead of conventional bonds comes in the context of growing interest by Asian governments in such markets. Hong Kong in February Issued $100 million in tokenized green bonds As part of the Green Bond Programme. The government used Goldman Sachs’ tokenization protocol to tokenize one-year bonds.

Recently, another Asian country, Singapore, has launched a number of applications. pilot projects On the tokenization of real-world assets in collaboration with JPMorgan, DBS Bank, BNY Mellon and investment firm Apollo. The United Arab Emirates has also partnered with HSBC. Tokenization of bonds.

In addition to the growing popularity of blockchain-based real asset tokenization in Asia, the Tel Aviv Israel Stock Exchange also completed proof of concept For tokenization of fiat and government bonds.

Recently, tokenization of real assets through blockchain technology has gained popularity among governments. This trend has also gained momentum thanks to interest from financial giants such as JPMorgan, HSBC and others.