DBS Rolls Out Tokenized Structured Notes on Ethereum, Opening Access to Wider Investor Base
DBS Bank has taken its blockchain strategy a step further by launching tokenized structured notes on the Ethereum public blockchain—broadening access to complex investment products traditionally reserved for high-net-worth clients.
The structured notes, now available through Singapore-based exchanges ADDX, DigiFT, and HydraX, mark the first time the country’s largest bank has extended tokenized offerings to accredited and institutional investors beyond its private client network.
The initial instrument is a crypto-linked participation note that pays out in fiat when digital asset prices rise, while minimizing downside exposure. Historically, structured notes have required minimum investments of $100,000 and are often tailored per client, limiting their liquidity and tradability.
By tokenizing these notes into $1,000 units, DBS aims to enhance flexibility and enable secondary trading—making the instruments more accessible and fungible.
Demand for structured notes has surged. DBS clients traded over $1 billion worth of these products in the first half of 2025, with volumes increasing nearly 60% from Q1 to Q2. The move is expected to appeal especially to Singapore’s growing family office segment, which has more than 2,000 entities as of 2024—a 43% year-on-year increase.
This initiative builds on Singapore’s Project Guardian, a government-backed effort led by the Monetary Authority of Singapore (MAS) to explore tokenized finance across asset classes like bonds, currencies, and funds. DBS has been actively involved in these pilots, typically using permissioned blockchains before expanding to public networks like Ethereum.
While the current focus is on crypto-linked notes, DBS plans to issue tokenized equity- and credit-linked products in the future.
“Asset tokenization is the next frontier in market infrastructure,” said Li Zhen, Head of FX and Digital Assets at DBS. “With this launch, we’re giving a wider group of investors access to high-quality digital products and reinforcing our commitment to building out a robust digital asset ecosystem.”
As institutional interest in tokenized finance deepens, DBS’s move underscores Ethereum’s growing role as a foundation for regulated financial innovation.
