Singapore’s largest bank, DBS, has announced the launch of tokenized structured notes on the Ethereum public blockchain, marking a significant step in its broader digital asset strategy.
Expanding Blockchain Strategy
The initiative, announced on Thursday, positions DBS at the forefront of financial innovation in Asia. Initially, the tokenized notes will be made available to eligible investors on digital investment platforms such as ADDX, DigiFT, and HydraX. The bank also plans to widen access by integrating with additional third-party platforms in the near future.
Singapore has been steadily advancing its position as a global hub for tokenized finance. The Monetary Authority of Singapore (MAS), through its flagship Project Guardian, has been spearheading industry trials aimed at exploring the integration of asset tokenization within existing financial infrastructure. DBS’s latest initiative aligns seamlessly with these national efforts, further reinforcing the city-state’s ambition to lead the future of blockchain-enabled finance.
Opening Access to Complex Products
By rolling out tokenized instruments, DBS is making traditionally exclusive products available to a broader pool of investors. Structured notes—long associated with private banking clients—are now being brought into the digital asset ecosystem in a secure, accessible manner.
The bank’s first offering under this model is a crypto-linked structured note. This product allows investors to gain exposure to cryptocurrency price movements without directly owning or managing digital currencies. Returns are paid in cash when cryptocurrency prices rise, while built-in structures aim to cushion losses during downturns.
“[This] enables them to build exposure to the asset class without having to manage any cryptocurrency,” DBS said in its announcement. The move reflects growing investor appetite for digital asset-linked instruments, particularly those that provide downside protection.
A Growing Appetite for Tokenized Assets
DBS is no stranger to crypto-linked financial products. In September 2024, the bank had already introduced structured notes tied to digital assets, alongside the launch of crypto options trading. The latest initiative builds on that foundation by combining such products with blockchain tokenization.
Investor interest has been strong. In the first half of 2025 alone, DBS clients executed over US$1 billion in trades involving these instruments. Moreover, the bank reported that trade volumes grew nearly 60% between the first and second quarters of 2025, underscoring accelerating demand.
This momentum has encouraged the bank to broaden its tokenization efforts beyond crypto-linked notes. DBS has confirmed it will tokenize a wider range of structured products, including equity-linked and credit-linked notes, providing more variety for investors seeking both traditional and digital asset exposure.
Industry Perspective
Market observers see the DBS initiative as a meaningful signal of where finance is heading. Tokenization—the process of creating blockchain-based digital representations of real-world assets—is increasingly viewed as the next major frontier in global financial markets.
“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.”
His comments highlight how traditional banks are responding to a shifting investment landscape where institutions and high-net-worth individuals are seeking innovative ways to diversify portfolios while remaining within regulated frameworks.
Singapore’s Push Toward Tokenized Finance
The DBS announcement also dovetails with broader developments in Singapore’s financial ecosystem. MAS has been actively testing tokenization models that could reshape how assets are issued, traded, and settled. By working closely with the regulator’s pilot initiatives, DBS and other leading institutions are laying the groundwork for a more transparent, efficient, and globally connected financial system.
For investors, tokenization offers multiple benefits, including fractional ownership, faster settlement times, and greater liquidity for traditionally illiquid assets. For banks, it opens new opportunities to deliver innovative products while maintaining regulatory compliance.
Looking Ahead
With this launch, DBS has cemented itself as one of the most forward-thinking banks in the region. Its embrace of blockchain technology not only signals confidence in the long-term potential of digital assets but also reflects Singapore’s strategic ambition to be a leader in financial innovation.
As tokenization gains momentum, more investors are expected to engage with blockchain-based products. By offering structured notes on Ethereum, DBS is effectively bridging the gap between traditional finance and the fast-growing world of decentralized technologies—bringing mainstream adoption one step closer.
