DBS Bank, Singapore’s largest financial institution, has revealed plans to tokenize structured notes on the Ethereum blockchain. This move comes as Ethereum treasuries surge past $17 billion in value, signaling growing adoption of tokenized finance.
Traditionally, structured notes require a minimum investment of $100,000, making them accessible only to large investors. With tokenization, DBS will issue fungible tokens worth just $1,000 each, lowering barriers for accredited and institutional investors. These tokenized notes will be tradable across digital platforms such as ADDX, DigiFT, and HydraX, improving liquidity and accessibility.
The bank’s first offering will include cryptocurrency-linked participation notes. These products allow investors to benefit from rising crypto prices without needing to hold cryptocurrencies directly. The structured notes also provide a degree of downside protection, making them an attractive choice for cautious institutional buyers.
DBS is also looking beyond crypto by expanding into tokenized credit and equity notes. Li Zhen, Head of Foreign Exchange and Digital Assets at DBS, emphasized the importance of this step, calling asset tokenization “the next frontier of financial markets infrastructure.” Since 2021, DBS has been building its tokenization ecosystem, with trading volumes in 2025 surpassing $1 billion in the first half alone—a 60% jump from the previous quarter.
Meanwhile, Ethereum’s treasury holdings have grown to over 4.1 million ETH, valued at $17 billion. This represents 3.39% of the total ETH supply, according to data from StrategicETHReserve. Leading the pack is BitMine Immersion Technologies, which holds 1.5 million ETH worth $6.6 billion after a recent $220 million purchase. Other significant holders include SharpLink Gaming with $3.2 billion in ETH and the Ethereum Foundation with 231,600 ETH.
The rise in institutional ETH holdings, combined with DBS Bank’s new tokenized financial products, highlights Ethereum’s position as a leading blockchain for global finance and innovation.
