Tokenised structured notes accessible by eligible investors on three digital investment platforms and digital exchanges

Bank’s first token distribution – crypto-linked structured notes – provides eligible non-DBS clients access to the asset class via DBS’ digital asset ecosystem

Solution meets growing digital asset demand; DBS clients traded >USD 1 billion of crypto options and structured notes in 1H 2025

DBS announced it will tokenise structured notes^[1] on the Ethereum public blockchain and offer it to eligible investors on third-party digital investment platforms and digital exchanges. ADDX, DigiFT and HydraX are the first three digital platforms that DBS has entered into arrangements with to distribute tokenised structured notes.

By leveraging DBS’ track record in tokenisation and partnerships with third-party digital platforms, the bank is providing more accredited and institutional investors with greater flexibility in using sophisticated financial instruments to manage their portfolios.

This comes at a time when Singapore’s attractiveness as a wealth management hub has led to a growth in professional investors and family offices here. The number of single family offices in Singapore exceeded 2,000 in 2024, up 43% from the year before^[2].

Enabling greater flexibility and precision in portfolio management

Structured notes are complex instruments which typically require a minimum investment of USD 100,000^[3]. These instruments are often tailored to the unique requirements of each investor, making them non-fungible.

Tokenisation creates individual tokens each representing a USD1,000 share of the original note. These ‘bite-sized’ tokens are also identical to each other, making them more fungible and easier to trade. These characteristics enable investors to subscribe to and trade structured note tokens with greater flexibility and precision, helping them manage portfolios with greater agility and resilience amidst market volatility.

In addition, DBS’ partnership with third-party digital platforms broadens access to tokenised structured notes for accredited and institutional investors who are not DBS clients.

Broadening access to a wide range of asset classes

For the first token distribution, DBS will tokenise cash-settled cryptocurrency-linked participation notes for distribution across third-party digital platforms. The note structure provides investors with a cash payout when cryptocurrency prices rise, enabling them to build exposure to the asset class without having to manage any cryptocurrency. The note is also structured to mitigate potential losses should cryptocurrency prices decline.

Tokenisation and distribution enable more accredited and institutional investors to access DBS’ cryptocurrency-linked structured notes, which was launched in September 2024 for eligible DBS clients, alongside cryptocurrency options trading. Demand for such instruments has been strong as investors seek to incorporate advanced investment strategies in their digital asset portfolios. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving these instruments, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.

Beyond cryptocurrency-linked notes, DBS will also tokenise common structured notes such as equity-linked notes and credit-linked notes.

Li Zhen, Head of Foreign Exchange and Digital Assets, Global Financial Markets, DBS, said: “Asset tokenisation is the next frontier of financial markets infrastructure. Since 2021, DBS has been active in scaling this ecosystem by fostering responsible innovation, enabling tokenisation to meet real market demand and make financial markets more efficient and accessible. By leveraging DBS’ strong credit ratings, partnerships and capabilities, more investors can now tap our solutions to better manage their portfolios.”

“Our first tokenised product, a crypto-linked note, also addresses the growing institutional appetite for digital assets. With this initiative, a broader segment of investors can now tap our digital asset ecosystem to build exposure to the asset class,” he added.