Asia’s financial services giant DBS has launched its tokenized structured notes on the Ethereum network for accredited and institutional investors, marking a public-chain expansion of the bank’s digital asset program.
The notes are issued on Ethereum and sold in smaller ($1,000) units than conventional private-bank products, targeting distribution to eligible clients via licensed platforms.
The move follows DBS’s rollout of crypto-linked options and structured notes for eligible clients in late 2024, which the bank said would begin in the fourth quarter of that year.
Those offerings provided exposure to Bitcoin and Ethereum through OTC options and structured notes, expanding the toolset for risk management and yield within institutional mandates. Today’s tokenized issuance takes that product line on-chain and shifts issuance and secondary logistics to Ethereum’s settlement rails.
DBS has run parallel experiments on permissioned infrastructure inside its transaction banking stack. In October 2024, the bank unveiled DBS Token Services, an EVM-compatible permissioned blockchain integrated with its core payments engine to enable treasury tokens, conditional payments, and programmable rewards for institutions.
That suite was designed for real-time settlement and interoperability with existing payment networks. By placing structured notes directly on public Ethereum, DBS is extending issuance beyond a closed ledger while retaining an EVM toolset already used in its enterprise pilots.
The Singapore regulator has pushed industry pilots that map out standards and controls for tokenized markets. The Monetary Authority of Singapore’s Project Guardian has coordinated pilots across fixed income, FX, and asset and wealth management with 24 financial institutions, including DBS, to develop issuance protocols and market practices.
As the MAS reported, the workstreams are drafting fixed-income data standards and documentation guidance that align with tokenized bond and note issuance. DBS’s Ethereum deployment lands inside that policy track and reflects a preference to anchor security tokens on public infrastructure that already hosts deep liquidity and tooling.
DBS has also tested public-chain settlement for institutional capital markets. In November 2023, UBS, SBI, and DBS completed a live cross-border repo using a natively issued digital bond and regulated digital payment tokens on a public blockchain under Project Guardian. The transaction settled repo, bond purchase, and redemption on-chain, spanning regulated entities across Japan, Singapore, and Switzerland.
That pilot illustrated lifecycle events for debt instruments on public networks, a step that today’s DBS issuance operationalizes for private-bank notes.
The bank’s distribution and investor eligibility mirror its existing digital asset perimeter. DBS limits crypto-linked products to accredited and institutional clients, with execution supported by its digital asset exchange and custody stack.
Per DBS Digital Exchange, access runs through institutional members and private banking channels. Tokenized notes on Ethereum preserve that gatekeeping, while lowering the investment unit size relative to traditional structured notes, which historically have high minimums for bespoke portfolios.
The bank is reportedly packaging the products in smaller denominations to enable portfolio rebalancing and more frequent secondary activity.
Win for Ethereum in RWA space
For Ethereum, a regulated issuer migrating structured note issuance to the mainnet broadens the RWA footprint beyond pilot bonds and funds.
The model enables cash-settled payoff profiles tied to crypto or traditional underlyings, with on-chain transfer and servicing. It also fits MAS’s direction to standardize issuance data and smart contract clauses for fixed income products, easing reconciliation across primary dealers, custodians, and marketplaces.
Per MAS, the fixed income workstream focuses on protocols and disclosures for tokenized offerings, which these notes can adopt in production.
The rollout also completes a timeline that began with DBS’s own on-exchange security token issuance in 2021, when it priced an SGD 15 million digital bond as the first STO on DDEx.
That issue set up a pathway for more private placements and custody. Since then, the bank has layered market access with OTC options, custody of stablecoin reserves, and tokenized treasury pilots, then moved issuance and secondary flows into the same EVM family used by Ethereum.
DBS’s tokenized notes on Ethereum place a regulated issuer’s balance-sheet product onto a public ledger under a Singapore policy framework that is mapping standards for fixed income and funds.
The program extends a 2024 structured note line into on-chain issuance and servicing for accredited and institutional clients, and it arrives with prior public-chain repo experience and permissioned EVM tooling already in place.
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