DBS expands blockchain capabilities by tokenising and distributing structured notes
Singapore.21 Aug 2025
Tokenised structured notes accessible by eligible investors on three digital investment platforms and digital exchanges
Bank’s first token distribution – crypto-linked structured notes – provides eligible non-DBS clients access to the asset class via DBS' digital asset ecosystem
Solution meets growing digital asset demand; DBS clients traded >USD 1 billion of crypto options and structured notes in 1H 2025
Singapore, 21 Aug 2025 - DBS today announced it will tokenise structured notes[1] on the Ethereum public blockchain and offer it to eligible investors on third-party digital investment platforms and digital exchanges. ADDX, DigiFT and HydraX are the first three digital platforms that DBS has entered into arrangements with to distribute tokenised structured notes.
By leveraging DBS’ track record in tokenisation and partnerships with third-party digital platforms, the bank is providing more accredited and institutional investors with greater flexibility in using sophisticated financial instruments to manage their portfolios.
This comes at a time when Singapore’s attractiveness as a wealth management hub has led to a growth in professional investors and family offices here. The number of single family offices in Singapore exceeded 2,000 in 2024, up 43% from the year before[2].
Enabling greater flexibility and precision in portfolio management
Structured notes are complex instruments which typically require a minimum investment of USD 100,000[3]. These instruments are often tailored to the unique requirements of each investor, making them non-fungible.
Tokenisation creates individual tokens each representing a USD1,000 share of the original note. These ‘bite-sized’ tokens are also identical to each other, making them more fungible and easier to trade. These characteristics enable investors to subscribe to and trade structured note tokens with greater flexibility and precision, helping them manage portfolios with greater agility and resilience amidst market volatility.
In addition, DBS’ partnership with third-party digital platforms broadens access to tokenised structured notes for accredited and institutional investors who are not DBS clients.
Broadening access to a wide range of asset classes
For the first token distribution, DBS will tokenise cash-settled cryptocurrency-linked participation notes for distribution across third-party digital platforms. The note structure provides investors with a cash payout when cryptocurrency prices rise, enabling them to build exposure to the asset class without having to manage any cryptocurrency. The note is also structured to mitigate potential losses should cryptocurrency prices decline.
Tokenisation and distribution enable more accredited and institutional investors to access DBS’ cryptocurrency-linked structured notes, which was launched in September 2024 for eligible DBS clients, alongside cryptocurrency options trading. Demand for such instruments has been strong as investors seek to incorporate advanced investment strategies in their digital asset portfolios. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving these instruments, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.
Beyond cryptocurrency-linked notes, DBS will also tokenise common structured notes such as equity-linked notes and credit-linked notes.
Li Zhen, Head of Foreign Exchange and Digital Assets, Global Financial Markets, DBS, said: "Asset tokenisation is the next frontier of financial markets infrastructure. Since 2021, DBS has been active in scaling this ecosystem by fostering responsible innovation, enabling tokenisation to meet real market demand and make financial markets more efficient and accessible. By leveraging DBS' strong credit ratings, partnerships and capabilities, more investors can now tap our solutions to better manage their portfolios.”
“Our first tokenised product, a crypto-linked note, also addresses the growing institutional appetite for digital assets. With this initiative, a broader segment of investors can now tap our digital asset ecosystem to build exposure to the asset class,” he added.
Options trading and structured notes will only be available to eligible accredited and institutional investors. In addition, investors intending to purchase financial products with cryptocurrencies as underlying assets are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation and particular needs before making any investment decision.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
By leveraging DBS’ track record in tokenisation and partnerships with third-party digital platforms, the bank is providing more accredited and institutional investors with greater flexibility in using sophisticated financial instruments to manage their portfolios.
This comes at a time when Singapore’s attractiveness as a wealth management hub has led to a growth in professional investors and family offices here. The number of single family offices in Singapore exceeded 2,000 in 2024, up 43% from the year before[2].
Enabling greater flexibility and precision in portfolio management
Structured notes are complex instruments which typically require a minimum investment of USD 100,000[3]. These instruments are often tailored to the unique requirements of each investor, making them non-fungible.
Tokenisation creates individual tokens each representing a USD1,000 share of the original note. These ‘bite-sized’ tokens are also identical to each other, making them more fungible and easier to trade. These characteristics enable investors to subscribe to and trade structured note tokens with greater flexibility and precision, helping them manage portfolios with greater agility and resilience amidst market volatility.
In addition, DBS’ partnership with third-party digital platforms broadens access to tokenised structured notes for accredited and institutional investors who are not DBS clients.
Broadening access to a wide range of asset classes
For the first token distribution, DBS will tokenise cash-settled cryptocurrency-linked participation notes for distribution across third-party digital platforms. The note structure provides investors with a cash payout when cryptocurrency prices rise, enabling them to build exposure to the asset class without having to manage any cryptocurrency. The note is also structured to mitigate potential losses should cryptocurrency prices decline.
Tokenisation and distribution enable more accredited and institutional investors to access DBS’ cryptocurrency-linked structured notes, which was launched in September 2024 for eligible DBS clients, alongside cryptocurrency options trading. Demand for such instruments has been strong as investors seek to incorporate advanced investment strategies in their digital asset portfolios. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving these instruments, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.
Beyond cryptocurrency-linked notes, DBS will also tokenise common structured notes such as equity-linked notes and credit-linked notes.
Li Zhen, Head of Foreign Exchange and Digital Assets, Global Financial Markets, DBS, said: "Asset tokenisation is the next frontier of financial markets infrastructure. Since 2021, DBS has been active in scaling this ecosystem by fostering responsible innovation, enabling tokenisation to meet real market demand and make financial markets more efficient and accessible. By leveraging DBS' strong credit ratings, partnerships and capabilities, more investors can now tap our solutions to better manage their portfolios.”
“Our first tokenised product, a crypto-linked note, also addresses the growing institutional appetite for digital assets. With this initiative, a broader segment of investors can now tap our digital asset ecosystem to build exposure to the asset class,” he added.
Options trading and structured notes will only be available to eligible accredited and institutional investors. In addition, investors intending to purchase financial products with cryptocurrencies as underlying assets are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation and particular needs before making any investment decision.
[1] Structured notes are financial instruments whose value is linked to that of an underlying asset or index. Its structure is often tailored to meet an investors’ unique requirements, such as boosting returns or reducing downside losses.
[2] Singapore family offices exceed 2,000 in 2024, up 43% on year (The Business Times)
[3] USD 100,000 (SGD 128,500), USD 1,000 (SGD 1,285), USD 1 billion (SGD 1.29 billion). Exchange rate as of 20 August 2025
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
