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first_img India launches a pilot program for the tokenization of corporate bonds worth 620 billion USD, with digital rupees participating in the settlement

The Securities and Exchange Board of India (SEBI) launched the Demat 2 pilot this week, issuing corporate bonds in the form of digital tokens on a distributed ledger operated by regulated market institutions, and settling through the wholesale digital rupee of the Reserve Bank of India. The size of India's corporate bond market is approximately $620 billion.The state-owned power financing institution REC raised ₹50 billion (approximately $56 million) through this system, engineering and construction giant Larsen & Toubro refinanced ₹50 billion, and non-banking financial institution IIFL Finance raised ₹2.5 billion (approximately $2.8 million), totaling around ₹102.5 billion. The bonds retain fixed interest rates, maturity dates, and investor rights, but the tokenized bonds can be settled simultaneously with the digital rupees used for purchase, thereby reducing transaction risk.Subsequent phases will introduce smart contracts to handle corporate actions such as interest payments and redemptions, and there are plans to open secondary market trading, ultimately allowing retail investors to participate. India maintains a cautious attitude towards private cryptocurrencies, and this pilot is an attempt to introduce tokenization into its controlled financial system.

first_img CXMT has launched the equipment bidding for the new factory in Shanghai and is planning to expand production in multiple locations

China's largest DRAM manufacturer Changxin Storage (CXMT) has recently launched a bidding for equipment from partners for its new factory in Shanghai and is advancing capacity expansion in multiple locations. CXMT is currently mass-producing DRAM in Hefei Phase II and Beijing Phase I, with an estimated capacity of about 200,000 wafers per month, which may exceed 300,000 wafers per month by the end of the year.CXMT plans to open the new factory in Shanghai in the fourth quarter of this year, and the related equipment bidding has already started. Semiconductor equipment industry insiders say that the factory is planned to be expanded in two phases, with capacity significantly exceeding 100,000 wafers per month. Subsequently, there are plans to open a new factory in Hefei in the first half of next year and the earliest new factory in Beijing in the second half of next year, with another new factory in Hefei opening in the first half of the year after next.Equipment industry insiders say that CXMT has communicated with multiple parties regarding the timing of building factories in various locations. If all plans are realized, CXMT could add at least 70,000 to 80,000 wafers of capacity per month each year from this year until 2028, with a long-term goal of exceeding 600,000 wafers per month. Samsung Electronics and SK Hynix's DRAM capacities are estimated at about 700,000 wafers and 600,000 wafers per month, respectively.
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