According to CoinMeta, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India have launched a pilot project called “Demat 2.0” aimed at testing blockchain-based tokenized corporate bonds. This pilot covers India’s $620 billion corporate bond market and uses the digital rupee for settlements. The pilot has seen three companies raise a total of approximately 102.5 billion Indian rupees (about $116 million) through tokenized bonds. The state-owned power lending institution REC and the engineering company L&T each issued 50 billion Indian rupees worth of bonds, while IIFL Finance raised 25 million Indian rupees. The system allows corporate bonds to be issued and held as digital tokens on a distributed ledger, with the goal of speeding up bond settlements and reducing the risk of transaction failures.