DBS Unveils Ethereum-Based Tokenized Notes, Enhancing Market Accessibility

DBS Launches Tokenized Structured Notes on Ethereum, Extending Reach Beyond Private Clients

DBS Bank has unveiled its first tokenized structured notes on the Ethereum public blockchain, marking a major step in its transition from permissioned blockchain pilots to scalable public infrastructure.

The new offering builds on Singapore’s broader Project Guardian initiative, led by the Monetary Authority of Singapore (MAS), which aims to explore tokenization use cases across asset classes and develop global interoperable infrastructure.

In a press release Thursday, DBS said the structured notes will be distributed via local tokenization platforms ADDX, DigiFT, and HydraX, targeting accredited and institutional investors for the first time outside its private banking division.

The debut instrument is a crypto-linked participation note, structured to offer cash payouts during digital asset price increases while limiting downside exposure.

Traditionally, structured notes require large minimum investments—typically $100,000—and are not interchangeable. By tokenizing them into $1,000 units, DBS has made these products fungible and more easily traded, allowing for greater flexibility in portfolio construction.

The bank reported strong demand for such products, noting over $1 billion in client trades in the first half of 2025 alone. Trading volumes surged nearly 60% between the first and second quarters.

DBS sees the product as particularly suited to family offices and professional investors, two rapidly expanding segments in Singapore. The number of single-family offices in the city-state crossed 2,000 in 2024, up 43% year-over-year.

While the initial focus is on crypto-linked notes, DBS confirmed plans to extend tokenization to equity- and credit-linked structured products.

“This marks an important milestone for asset tokenization,” said Li Zhen, DBS’s Head of Foreign Exchange and Digital Assets. “Our first tokenized structured product meets the rising institutional demand for digital asset exposure. With this launch, more investors can tap into our blockchain-based ecosystem.”

The move comes as Singapore cements its position as a global leader in tokenized finance, with Project Guardian exploring scalable infrastructure such as Global Layer One to facilitate cross-border liquidity.

DBS’s shift toward Ethereum’s public blockchain signals growing institutional confidence in open, decentralized networks as the foundation for future financial products.