Singapore’s largest bank by assets, DBS, is expanding its digital asset portfolio with the launch of tokenized structured notes on the Ethereum blockchain.
The bank announced Thursday that tokenization will make traditionally high-entry financial products accessible in smaller denominations.
Structured notes, a type of debt security typically offered by banks, usually require a minimum investment of $100,000 and are tailored for individual clients, making them complex and less liquid.
Through tokenization and $1,000 denominations, DBS aims to make these products more flexible, tradable, and easier for investors to incorporate into their portfolios.
DBS clients conducted more than $1 billion in trades in 2025
DBS introduced its crypto-linked structured notes on September 17, 2024, alongside crypto options trading. The bank reported strong demand, with clients executing over $1 billion in trades during the first half of 2025—a nearly 60% increase from Q1 to Q2.
Initially, DBS will tokenize cash-settled crypto-linked participation notes for distribution. These notes offer investors a cash payout when cryptocurrency prices rise, allowing exposure to the asset class without the need to manage crypto directly. The structure is also designed to help mitigate potential losses if crypto prices fall.
In addition to crypto-linked notes, DBS plans to tokenize its standard structured notes, including equity-linked and credit-linked notes.
Li Zhen, head of foreign exchange and digital assets for global financial markets at DBS, noted that the bank has been pursuing tokenization initiatives since 2021. He added that the launch of crypto-linked notes is aimed at addressing growing institutional demand for digital assets.
DBS provides structured notes to qualified investors
According to DBS, the tokenized structured notes will be offered exclusively to accredited and institutional investors and distributed through Singapore-licensed digital investment platforms ADDX, DigiFT, and HydraX.
Although the bank confirmed the notes will be issued on the Ethereum blockchain, it did not disclose why Ethereum was chosen or provide details on the token issuance process.
The launch of these tokenized structured notes is part of DBS’s broader push into blockchain and digital assets. In October 2024, the bank introduced blockchain-based banking for institutions, enabling real-time payment settlements via smart contracts. The following month, DBS partnered with Paxos’ Singapore arm to issue a USD-backed stablecoin.
