DBS Expands Digital Asset Strategy With Tokenized Structured Notes on Ethereum

DBS, Singapore’s largest bank, is advancing its blockchain initiatives by launching tokenized structured notes on Ethereum’s public blockchain—marking a shift from private ledgers to public networks as institutions explore how tokenized finance can scale globally.

The launch builds on the Monetary Authority of Singapore’s (MAS) Project Guardian, which has spearheaded asset tokenization pilots in fixed income, FX, and investment funds. DBS is among the most active participants, and this marks the bank’s first offering of tokenized products to accredited and institutional investors beyond its own private banking clients.

The initial product is a crypto-linked participation note that pays out in cash when digital asset prices rise, with capped downside risk. Traditionally, structured notes require a minimum investment of $100,000 and are highly customized, making them non-fungible. Tokenization allows DBS to issue them in $1,000 units, creating fungible instruments that are easier to trade and manage in diverse portfolios.

These tokenized notes will be distributed via Singapore-based digital asset platforms ADDX, DigiFT, and HydraX.

“Asset tokenization is the next frontier of financial markets infrastructure,” said Li Zhen, head of foreign exchange and digital assets at DBS. “Our first tokenized product 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.”

The offering is designed for accredited investors, family offices, and institutions, particularly as Singapore continues to attract global wealth. The number of single-family offices in the country surpassed 2,000 in 2024—a 43% year-on-year increase—underscoring rising demand for more advanced financial products.

DBS noted that client demand has been growing rapidly. In H1 2025, over $1 billion in structured note trades were executed through its channels, with volumes rising nearly 60% from Q1 to Q2.

While the current focus is on crypto-linked notes, DBS plans to expand its product suite to include tokenized equity- and credit-linked instruments. The move reflects a broader industry trend toward bringing complex, previously exclusive financial tools onto public blockchain rails, with the aim of improving liquidity, access, and efficiency.