A DBS survey found that 88% of respondents represented large businesses already using or testing tokenized money to improve cash management and cross-border payments. The study put adoption at scale at 24%. The study found that 43% had narrower live deployments in selected markets. Pilots or proofs of concept accounted for another 21%, while 12% were exploring tokenized money or had not adopted the technology.
DBS commissioned EY to survey 422 business and finance leaders in 11 markets, including the U.S., China, Germany and the U.K. Every respondent represented an organization generating more than $500 million in annual revenue. The study found that stablecoins were the most common instrument in use or planned for adoption, at 63%. Tokenized deposits followed at 53%, and tokenized money market funds at 52%.
The survey found that 72% had achieved better traceability or expected improvements within two years. Some 71% reported improvements in real-time cross-border payments or anticipated improvements within two years. For treasury liquidity management, 65% reported existing improvements or expected improvements within the same period. Regulatory uncertainty, security risks and difficulties integrating systems continued to hinder adoption. The survey found that 64% wanted banks to offer one access point to the tokenized money ecosystem. Another finding showed that 63% wanted support with pilots and integration.
Lim Soon Chong, DBS's group head of global transaction services, said fragmentation could increase complexity and compliance obligations for companies. Lim said new types of money and technology would shape the future alongside trusted institutions capable of coordinating value transfers across multiple networks.
DBS provides infrastructure for the uses examined in the survey. DBS introduced DBS Token Services in 2024, linking the bank's permissioned blockchain to the bank's payment systems. The service supports settlement at any hour and payments subject to predetermined conditions.
Citi said at the bank's May investor day that hundreds of clients were transferring close to $1 billion daily through Citi Token Services. Citi said clients used the service mainly for liquidity and working capital management. In September, DBS and Citi executed a weekend dollar payment linking Singapore and New York with tokenized deposits on the Swift Digital Ledger. DBS said settlement took minutes and enabled transfers beyond normal banking hours.
DBS Survey Shows 88% of Large Businesses Using or Testing Tokenized Cash
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Summary
A DBS survey citing FLASH AI shows 88% of large businesses are using or testing tokenized cash, with stablecoins at 63% adoption. The study, involving 422 leaders across 11 markets, highlights growing interest in tokenized payments. DBS launched Token Services in 2024 and recently partnered with Citi for a weekend dollar payment via Swift Digital Ledger. Traders are keeping an eye on altcoins to watch amid rising institutional activity. The fear and greed index remains a key barometer for market sentiment shifts.
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