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DBS expands crypto offerings with tokenized structured notes on Ethereum

Validated Media

DBS, Singapore’s largest bank by assets, is expanding its digital asset offerings with the launch of tokenized structured notes on the Ethereum blockchain. 

DBS announced on Thursday that the bank is opening the door to traditionally high-barrier financial products in smaller denominations through tokenization. 

Structured notes are a type of debt security offered by financial institutions like banks. DBS said these typically require a minimum investment of $100,000 and are tailored to individual clients, making them complex and illiquid. 

By issuing them in $1,000 denominations, DBS said the products will become more flexible, tradable and easier for investors to manage in portfolios.

DBS clients executed over $1 billion in trades in 2025 

DBS launched its crypto-linked structured notes on Sept. 17, 2024, along with crypto options trading. The bank said demand has been strong, with clients executing more than $1 billion in trades in the first half of 2025, up nearly 60% from the first to the second quarter.

Initially, DBS said it will tokenize cash-settled crypto-linked participation notes for distribution. The note structures will provide investors with a cash payout when crypto prices rise.

This enables them to build exposure to the asset class without managing any crypto directly. DBS said it’s also structured to mitigate potential losses when crypto prices decline. 

DBS added that beyond its crypto-linked notes, it will also tokenize its common structured notes, like equity-linked notes 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 initiatives since 2021. He said the launch of crypto-linked notes aims to meet growing institutional demand for digital assets. 

DBS offers structured notes to eligible investors

According to the announcement, the tokenized structured notes will only be offered exclusively to accredited and institutional investors. DBS said these will be distributed through Singapore-licensed digital investment platforms ADDX, DigiFT and HydraX.

While the bank said the tokenized structured notes will be on the Ethereum blockchain, it did not provide any details on why the network was chosen or how the tokens will be issued.

Cointelegraph reached out to DBS for more information, but had not received a response before publication.

The tokenized structured notes build on DBS’s broader blockchain and digital assets push.

In October 2024, the bank launched blockchain-based banking for institutions, allowing real-time blockchain payment settlements using smart contracts. In November, the bank collaborated with Paxos’ Singapore arm to launch a USD-backed stablecoin. 

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