REC Ltd, India’s government-owned power sector financier, is launching the country’s first tokenized corporate bond offering, with a potential size of up to 5 billion rupees, approximately $53 million. This pilot combines distributed ledger technology with the Reserve Bank of India’s wholesale central bank digital currency infrastructure. The bonds mature in May 2028, with a base size of 1 billion rupees and a greenshoe option adding another 4 billion rupees. Institutional investors holding securities accounts and RBI wholesale CBDC wallets can bid starting September 2026, subject to a mandatory three-month lock-in period before secondary market trading. Settlement occurs through near-instant atomic settlement, replacing India’s traditional T+1 cycle.
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