DBS Sees Broad Adoption of Tokenized Cash Among Companies
A DBS survey shows that 88% of large companies are already using or testing tokenized money, especially for stablecoins and cross-border payments.
Key Takeaways
- The DBS survey shows that 88% of the companies surveyed already have live applications or pilots with tokenized money.
- Stablecoins are the most popular tool, followed by tokenized deposits and tokenized money market funds.
- Companies mainly use tokenized money for faster cross-border payments and better cash and liquidity management.
Large companies are increasingly using tokenized money to make cash management and cross-border payments faster. According to a DBS study, 88% of the companies surveyed already have live applications or pilots running. That means tokenized cash is quickly gaining ground in business payments.
Broad Use in Practice
DBS had EY conduct a survey of 422 corporate and financial leaders across 11 markets, including the U.S., China, Germany, and the U.K. All participants represented organizations with annual revenue of more than $500 million (€448 million).
Of the respondents, 24% said the technology is already running at scale. Another 43% use tokenized money on a limited basis in selected markets. In addition, 21% were running pilots or proofs of concept. Only 12% were still exploring it or not using the technology at all.
Stablecoins were the most popular tool. 63% of respondents were already using them or planned to use them. Tokenized deposits followed at 53%, while tokenized money market funds came in at 52%.
Why Companies Are Watching This
The main reason is speed. 71% of those surveyed said they already see improvements in real-time cross-border payments, or expect them within two years. For treasury liquidity management, that was true for 65% of respondents.
At the same time, there are still clear hurdles. Regulatory uncertainty, security risks, and integration issues were mentioned often. Nearly two-thirds want banks to offer a single access point to the tokenized money ecosystem, while 63% are looking for help with pilots and integration.
DBS is also applying that trend itself. In 2024, the bank launched DBS Token Services, which connects the permissioned blockchain network to its own payment systems for settlement and payments that can run 24 hours a day and be executed under preset conditions.
Banks Are Building the Infrastructure
The trend fits into a broader shift toward digital financial instruments in corporate treasury. Other banks are also reporting live customer use. Citi said in May that hundreds of customers were moving nearly $1 billion (€0.9 billion) per day through Citi Token Services, mainly for liquidity and working capital.
In September, DBS and Citi also completed a weekend dollar payment between Singapore and New York using tokenized deposits and the Swift Digital Ledger. According to DBS, the transaction was settled in minutes, allowing money to move even outside traditional banking hours.
Other banks are also making the move into tokenized cash. For example, Standard Chartered has already opened direct minting and redemption of USDC for institutional clients, a sign that traditional banks are embracing this market more actively.
