Singapore’s largest bank, DBS, has announced offering tokenized structured notes on the Ethereum public blockchain, as part of its wider blockchain strategy.
Announced on Thursday, DBS will initially rollout tokenized notes to eligible investors of digital platforms, including ADDX, DigiFT and HydraX. However, it plans to expand to investors on other third-party digital investment platforms.
Singapore has been deepening its role as a hub for tokenized finance. The city-state’s central bank, Monetary Authority of Singapore (MAS), has been advancing industry trials under Project Guardian. It explores how asset tokenization can be integrated with existing market infrastructure.
The bank’s recent move has broadened access to complex financial products, which were once reserved for its private clients.
DBS’s First Tokenized Product: Crypto-Linked Notes
The bank has launched new crypto-linked notes that provide access to the asset class through DBS’s digital asset ecosystem. The notes pay out in cash when there is a rise in the prices of crypto.
“[This] enables them to build exposure to the asset class without having to manage any cryptocurrency,” the announcement read. “The note is also structured to mitigate potential losses should cryptocurrency prices decline.”
DBS initially launched crypto-linked structured notes in September 2024, alongside crypto options trading.
DBS Responds to Rising Demand
There has been a strong demand for such instruments among investors, the bank said. “In the first half of 2025, DBS clients executed over US$1 billion of trades involving these instruments.” Further, trade volumes increased almost 60% from Q1 2025 to Q2 2025.
Additionally, DBS will also tokenize common structured notes, including equity-linked and credit-linked notes.
“Asset tokenization is the next frontier of financial markets infrastructure,” said Li Zhen, Head of Digital Assets at DBS. “Our first tokenized product, a crypto-linked note, also addresses the growing institutional appetite for digital assets.”
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