India's central bank (RBI) is tokenizing the entire $620B corporate bond market using their CBDC infrastructure. Settlement layer runs on Digital Rupee rails, which means T+0 settlement instead of the current T+1/T+2 cycle. This is basically turning the entire secondary market into a programmable asset layer where bonds can be fractionally traded, instantly settled, and composable with DeFi protocols if they open the APIs. The tech stack likely uses permissioned blockchain (probably Hyperledger or a custom fork) with the RBI acting as the validator network. Huge deal for institutional liquidity - removes custodian friction, cuts settlement risk to near zero, and opens up atomic swaps between bonds and $INR. If they nail the smart contract standards, this could become the template for how other central banks tokenize TradFi markets.