[India Launches $620 Billion Corporate Bond Market Tokenization Pilot, Settled with Digital Rupee] According to CoinDesk, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have launched a corporate bond tokenization pilot program called 'Demat 2.0,' aiming to bring India's approximately $620 billion corporate bond market onto a distributed ledger. The program uses wholesale central bank digital currency—the Digital Rupee—for fund settlement. The system connects tokenized bonds with RBI's Unified Market Interface, enabling atomic settlement with simultaneous delivery-versus-payment and is expected to automate interest payments and redemptions through smart contracts. REC, Larsen & Toubro (L&T), and IIFL Finance have issued tokenized bonds worth ₹50 billion, ₹50 billion, and ₹2.5 billion Indian Rupees, respectively, totaling ₹102.5 billion Indian Rupees.