DBS, Singapore’s largest bank, is expanding its digital asset services with the launch of tokenized structured notes on the Ethereum blockchain.
The bank announced Thursday that tokenization will allow traditionally exclusive financial products to be offered in smaller amounts, making them more accessible.
Structured notes, usually offered by banks, are a form of debt security that typically require a minimum investment of $100,000. They are often customized for individual clients, which makes them complex and hard to trade.
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By issuing them in $1,000 denominations, DBS said the new tokenized products will be more flexible, tradable, and easier for investors to include in their portfolios.
DBS Expands Into Crypto-Linked Structured Notes
DBS rolled out its crypto-linked structured notes on September 17, 2024, alongside the launch of crypto options trading. The bank reported strong demand, with clients executing over $1 billion worth of trades in the first half of 2025 marking a nearly 60% increase from the first to the second quarter.
At the start, DBS will tokenize cash-settled crypto-linked participation notes for distribution. These products give investors cash payouts when crypto prices rise, allowing them to gain exposure to the asset class without directly holding digital assets. The structures are also designed to limit potential losses when prices fall.
In addition to crypto-linked notes, DBS plans to tokenize its traditional structured products, such as equity-linked and credit-linked notes.
Li Zhen, head of foreign exchange and digital assets for global financial markets at DBS, said the bank has been working on tokenization since 2021. He noted that the launch of crypto-linked notes is part of the bank’s effort to meet the rising institutional appetite for digital assets.
According to the bank, the tokenized structured notes will be offered exclusively to accredited and institutional investors. Distribution will take place through Singapore-licensed digital investment platforms ADDX, DigiFT, and HydraX.
Although DBS confirmed the notes will be issued on the Ethereum blockchain, it did not disclose why the network was selected or provide details on the issuance process.
