OCBC Bank’s digital US commercial paper programme makes tokenised debt a live USD funding lane

The August 2025 announcement is not just another tokenisation pilot: OCBC Bank disclosed a live US$1 billion programme, a completed first issuance, named commercial intent, and external institutional participation across dealer or placement, custody, investor and lifecycle operations.

The August 2025 announcement is not just another tokenisation pilot: OCBC Bank disclosed a live US$1 billion programme, a completed first issuance, named commercial intent, and external institutional participation across dealer or placement, custody, investor and lifecycle operations.

The right frame is an OCBC-specific commercial funding lane for short-term USD liquidity, not a claim that Singapore’s whole debt market has already migrated on-chain.

By 25 August 2025, OCBC Bank had moved beyond demonstration language: it disclosed a US$1 billion digital US commercial paper programme, completed a first issuance, and placed issuance, settlement, record-keeping and servicing on a single on-chain stack tied to bank liquidity management.