DBS, a Singapore-based bank, said 88% of 422 business and finance leaders in its survey were already using tokenized money or testing it in pilots. Conducted by EY, the DBS-commissioned study across 11 markets and surveyed organizations with annual revenue above US$500 million.

Stablecoins were the most common instrument respondents used or planned to adopt, ahead of tokenized deposits.

Stablecoins are usually issued by non-bank companies and are designed to track a reference asset. Tokenized deposits represent deposits held at commercial banks on distributed ledgers.

DBS launched DBS Token Services in 2024 and later introduced a Treasury Tokens pilot with Ant International aimed to support 24/7 treasury and liquidity management.

The Monetary Authority of Singapore (MAS) finalized a framework on August 15, 2023, for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or G10 currencies. The rules cover value stability, capital, redemption, and disclosure. Survey respondents also cited regulatory uncertainty, security risks, and integration difficulties as obstacles.

Citi said its token services support liquidity management and trade finance. The bank also reported always-on global payment transactions with FAB and OCBC.

🔗 Source: CoinDesk

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