Tokenized structured notes

DBS announced on 21 August 2025 that it would tokenize structured notes on public Ethereum and distribute them through ADDX, DigiFT and HydraX, splitting notes with a US$100,000 minimum into US$1,000 tokens that move only between whitelisted wallets. The first issue is a cash-settled, crypto-linked participation note. Its chief executive, Tan Su Shan, said on 6 November 2025 that the bank issued the notes in the third quarter, and its structured note program was updated to allow tokens by 18 September 2025, so September is the likely first month. DBS said on 12 November 2025 that it had launched its first tokenized structured note on the public Ethereum blockchain, and its 2025 annual report lists the launch. No onchain amount is published, and the 'over US$1 billion traded in H1 2025' in the release is conventional volume, so no figure is given. Also: DBS, 12 November 2025.