DBS announced on Thursday that it will offer tokenised structured notes on the public Ethereum blockchain, distributing them through Singapore exchanges ADDX, DigiFT and HydraX.
The move lets the bank sell these products to accredited and institutional investors outside its private client list. The first product links to crypto prices and pays out in cash when digital assets rise, while capping losses.
Each note will be split into $1,000 tokens so more investors can buy and trade them, a change from the usual $100,000 minimum for such notes.
What is the product?
Structured notes are investment contracts that often tie returns to the performance of an asset. Traditionally, they have large minimums and are made to order.
DBS’s debut product is a crypto-linked participation note, and it lets buyers gain when certain digital asset prices increase. At the same time, it limits how much they can lose.
By tokenising the note, DBS turns each security into smaller, identical units that can move more easily in the market.
How does tokenisation work here?
DBS will mint the notes on the Ethereum public chain, and each note will be divided into $1,000 units. That makes the instruments fungible and easier to buy and sell.
The bank says the token form should help investors manage portfolios with more flexibility. It also means that buyers do not need to write code or use private ledgers to hold these products.
Demand and early activity
DBS said client demand has been strong, and in the first half of 2025, DBS clients executed over $1 billion in trades tied to these kinds of instruments. Trading volumes rose almost 60% from Q1 2025 to Q2 2025.
The bank sees the demand coming from family offices and professional investors. Singapore has seen many new single-family offices, and the number topped 2,000 in 2024, up 43% from the prior year, DBS noted.
Why the bank is doing it?
DBS has run several tokenisation pilots in controlled settings before, and this step moves tokenised products onto a widely used public network. The bank says that it will broaden access to advanced strategies.
Tokenisation also aims to cut the gap between bespoke products for the few and tradable instruments for more investors.
Also Read: DBS Unveils Token Services To Enhance Banking With Blockchain Technology
Regulatory and market backdrop
Singapore has been building tools and pilots to support tokenised finance, and the Monetary Authority of Singapore has backed efforts like Project Guardian and worked on cross-border infrastructure to link liquidity.
DBS has been active in those projects and in other pilots that used permissioned blockchains. The shift to a public chain marks a new phase in the bank’s approach.
What else DBS plans?
DBS said it will not stop at crypto-linked notes, and it plans to offer tokenised versions of more traditional structured products, including equity-linked and credit-linked notes.
Bank executives say the technology can handle both live market feeds and historical data, which helps with pricing and testing.
Voices from the bank
Li Zhen, head of foreign exchange and digital assets at DBS, said asset tokenisation points the way forward for market infrastructure. He added that the new product responds to growing institutional interest in digital assets and lets a wider group tap into DBS’ digital ecosystem.
Investors should note the token size, trading venues, and product terms when these items go live. Tokenised notes may trade differently from conventional notes, and liquidity will vary by platform. DBS has flagged that rollout details will come later and that exchanges will handle distribution.
Also Read: DBS Bank To Launch OTC Crypto Options Trading & Structured Notes