Corporate Bonds

India has moved tokenization further into regulated finance with Demat 2.0, a pilot that issues corporate bonds as digital tokens and settles payments through the Reserve Bank of India’s wholesale digital rupee. REC, Larsen & Toubro and IIFL Finance have already raised a combined ₹1,025 crore through the system, while later phases are expected to support secondary trading and broader investor access.

Thomas Sy of New York Life Investment Management says blockchain could help asset managers build customized portfolios at scale. The view comes as stablecoin adoption pushes institutions toward tokenized investment products that can provide yield.