Singapore’s largest bank, DBS, has recently made headlines with its announcement of offering tokenized structured notes on the Ethereum public blockchain. This move is part of the bank’s broader blockchain strategy to embrace the growing trend of digital assets and decentralized finance.
The tokenized structured notes will be initially available to eligible investors on digital platforms such as ADDX, DigiFT, and HydraX, with plans to expand to other third-party digital investment platforms in the future. This initiative aligns with Singapore’s position as a hub for tokenized finance, with the Monetary Authority of Singapore (MAS) actively involved in advancing industry trials under Project Guardian to integrate asset tokenization with existing market infrastructure.
One of the key highlights of DBS’s tokenized products is the launch of crypto-linked notes, providing investors with exposure to the cryptocurrency asset class through the bank’s digital asset ecosystem. These notes pay out in cash in response to price movements in the crypto market, offering a way for investors to participate in the asset class without directly holding cryptocurrencies. The structure of the notes is designed to mitigate potential losses in the event of price declines, making them an attractive option for investors looking to diversify their portfolios.
DBS has responded to the rising demand for such instruments, citing a strong interest from investors in the first half of 2025. The bank reported over US$1 billion in trades involving these instruments during this period, with trade volumes increasing by nearly 60% from Q1 to Q2 2025. In addition to crypto-linked notes, DBS plans to tokenize other common structured notes, including equity-linked and credit-linked notes, to cater to a wider range of investor preferences.
Li Zhen, Head of Digital Assets at DBS, emphasized the importance of asset tokenization in shaping the future of financial markets infrastructure. He stated, “Our first tokenized product, a crypto-linked note, addresses the growing institutional appetite for digital assets and reflects our commitment to innovation in the digital finance space.”
Overall, DBS’s foray into tokenized structured notes on the Ethereum blockchain marks a significant milestone in the bank’s digital transformation journey. By leveraging blockchain technology and catering to the evolving needs of investors, DBS is positioning itself as a key player in the rapidly expanding world of digital finance.
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