DBS tokenized structured notes are blockchain-based debt securities issued on Ethereum that convert traditional structured notes into tradable $1,000 tokens, widening access for accredited and institutional investors while preserving cash-settlement mechanics and built-in loss mitigation.
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DBS tokenizes structured notes on Ethereum in $1,000 denominations for accredited and institutional investors.
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Initial issuance focuses on cash-settled crypto-linked participation notes and broader equity- and credit-linked notes.
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Clients executed over $1 billion in related trades in H1 2025, up nearly 60% quarter-on-quarter (Q1 → Q2).
DBS tokenized structured notes now on Ethereum—learn how accredited and institutional investors can access tradable $1,000 notes. Read the full update.
DBS Bank launched tokenized structured notes on Ethereum, expanding access to crypto-linked investment products for accredited and institutional investors.
What are DBS tokenized structured notes?
DBS tokenized structured notes are traditional bank-issued structured notes converted into blockchain tokens on Ethereum, offered in $1,000 denominations to improve liquidity and accessibility for accredited and institutional investors. They maintain cash-settlement mechanics and structured payoffs tied to crypto, equity, or credit underlyings.
How did DBS roll out these tokenized products?
DBS launched crypto-linked structured notes and crypto options trading on Sept. 17, 2024. The bank is initially issuing cash-settled crypto-linked participation notes and plans to expand to equity-linked and credit-linked tokenized notes. This rollout builds on DBS’s tokenization work started in 2021.
Who can access the tokenized notes and where are they distributed?
Tokenized structured notes are available exclusively to accredited and institutional investors. Distribution is via Singapore-licensed digital investment platforms: ADDX, DigiFT and HydraX. Investors must meet eligibility criteria set by DBS and the distributing platforms.
Why does DBS use Ethereum for tokenization?
DBS selected Ethereum for issuance to leverage smart-contract capabilities and broad infrastructure support for tokenized securities. The bank has not publicly disclosed specific technical issuance details beyond selecting Ethereum as the settlement ledger.
When did client demand surface and what are the early results?
DBS reported that clients executed more than $1 billion in related trades during the first half of 2025, with activity rising nearly 60% from Q1 to Q2. This indicates strong institutional and accredited investor interest in tokenized and crypto-linked structured products.
What risk and design features do these notes include?
DBS describes the structures as cash-settled, designed to pay out when crypto prices rise while incorporating mechanisms intended to mitigate losses when prices decline. As with traditional structured notes, they are complex and intended for qualified investors.
Frequently Asked Questions
How do tokenized structured notes differ from traditional structured notes?
Tokenized notes convert traditional structured note entitlements into blockchain tokens that are narrower in denomination, potentially more tradable and able to settle via smart contracts while preserving underlying cash-settlement mechanics.
Can individual retail investors buy these tokenized notes?
No. DBS has restricted these tokenized structured notes to accredited and institutional investors only. Retail participation is not part of the initial distribution plan.
Key Takeaways
- Access: Tokenization lowers minimum tickets to $1,000, improving accessibility for eligible investors.
- Market interest: Over $1 billion in client trades in H1 2025 shows strong demand for crypto-linked and tokenized structured products.
- Distribution: Notes are distributed via licensed Singapore platforms (ADDX, DigiFT, HydraX) and remain complex products for qualified investors.
Conclusion
DBS’s launch of tokenized structured notes on Ethereum marks a significant step in bringing traditional structured products into the tokenized era. By offering $1,000 denominations to accredited and institutional investors, DBS aims to increase tradability and broaden access while maintaining structured payoff mechanics. Market uptake in H1 2025 signals meaningful interest; eligible investors should review product terms and platform procedures before participation.
Publication: COINOTAG — Published 2024-09-17. Updated 2025-08-21.
Sources (no external links): DBS announcement; statements from Li Zhen, head of foreign exchange and digital assets for global financial markets at DBS; platform disclosures from ADDX, DigiFT and HydraX; public reports on DBS blockchain initiatives and Paxos collaboration (plain text references).
