DBS Bank introduced tokenized structured notes on Ethereum, broadening the accessibility of crypto-linked investment products for accredited and institutional investors.
As Singapore’s largest bank by assets, DBS is broadening its digital asset portfolio with the introduction of tokenized structured notes on the Ethereum blockchain.
On Thursday, DBS announced its intention to make traditionally high-barrier financial products more accessible in smaller denominations through tokenization.
Structured notes, a type of debt security provided by financial institutions like banks, typically require a minimum investment of $100,000, according to DBS. The bank noted that these are often complex, illiquid, and customized for individual clients.
By making the products available in $1,000 denominations, DBS believes they will be more flexible, tradable, and easier for investors to manage within their portfolios.
DBS Clients Exceed $1 Billion in Crypto and Structured Note Trades in First Half of 2025
DBS introduced its crypto-linked structured notes on September 17, 2024, alongside crypto options trading. According to the bank, client demand has been robust, with more than $1 billion in trades executed in the first half of 2025, which represents a nearly 60% increase from the first to the second quarter.
DBS stated it will begin by tokenizing cash-settled crypto-linked participation notes for distribution. The note structures are designed to provide investors with a cash payout when crypto prices increase.
This arrangement allows investors to gain exposure to the asset class without needing to manage crypto directly. Additionally, DBS stated that the structure is designed to mitigate potential losses should crypto prices decline.
In addition to its crypto-linked notes, DBS also announced that it will tokenize its common structured notes, such as equity-linked and credit-linked notes.
Li Zhen, the head of foreign exchange and digital assets for global financial markets at DBS, stated that the bank has been pursuing tokenization initiatives since 2021. The launch of crypto-linked notes, he noted, is intended to satisfy the increasing institutional demand for digital assets.
DBS Bank Makes Structured Notes Available to Accredited Investors
According to the announcement, the tokenized structured notes will be offered exclusively to accredited and institutional investors. DBS stated that these will be distributed via Singapore-licensed digital investment platforms ADDX, DigiFT, and HydraX.
Although the bank stated that the tokenized structured notes would be on the Ethereum blockchain, no details were provided regarding why that network was selected or how the tokens will be issued.
The bank’s broader push into blockchain and digital assets is furthered by the tokenized structured notes.
In October 2024, the bank introduced blockchain-based banking for institutions, which allows for real-time blockchain payment settlements using smart contracts. This was followed in November by a collaboration with Paxos’ Singapore arm to launch a USD-backed stablecoin.
