Singapore’s biggest bank, DBS, announced on August 21, 2025, that it will start issuing structured notes on the Ethereum blockchain. The new plan lets accredited and institutional investors buy smaller, tradable tokens worth $1,000 each through platforms like ADDX, DigiFT, and HydraX.
The first batch of tokenized notes will focus on crypto-linked participation notes. Investors can earn payouts when crypto prices go up, while also having protection if prices fall.
These notes do not require investors to directly own Ethereum or other cryptocurrencies, making them simpler for traditional investors to join the digital asset market. DBS also plans to expand tokenization to other structured notes, including those linked to equities and credit.
Li Zhen, DBS’s Head of Foreign Exchange and Digital Assets, said, “Asset tokenisation is the next frontier of financial markets infrastructure. Since 2021, DBS has been scaling this ecosystem by fostering responsible innovation, enabling tokenisation to meet real market demand and make financial markets more efficient and accessible.” He added that the first crypto-linked note helps meet growing institutional interest in digital assets and lets more investors access DBS’ digital asset ecosystem.
DBS’ tokenized notes follow a strong start in 2024 when the bank offered crypto-linked structured notes to its clients. In the first half of 2025, trading of these products passed $1 billion, a 60% rise from the previous quarter.
At the same time, Ethereum treasuries reached $17 billion, with more than 4.1 million ETH held by companies and organizations, according to StrategicETHReserve.
Leading holders include BitMine Immersion Technologies with 1.5 million ETH worth $6.6 billion, SharpLink Gaming with 740,760 ETH valued at $3.2 billion, and the Ethereum Foundation with 231,600 ETH. This shows Ethereum’s growing role in financial markets and institutional investing.
By using tokenization on the Ethereum blockchain, DBS is creating easier access to digital assets. Smaller, tradable tokens let investors participate in advanced products, and partnerships with digital platforms make these notes available to more investors, not just DBS clients.
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