DBS Survey Finds 88% of Large Businesses Using or Testing Tokenized Money
Nearly nine in 10 large businesses are already using or testing tokenized money to improve payments and cash management, according to a survey commissioned by Singapore-based DBS Bank. The study found that 88% of respondents had launched live deployments or pilot programs, highlighting growing corporate interest in blockchain-based financial services.
Conducted by EY on behalf of DBS, the survey covered 422 business and finance leaders across 11 markets, including the United States, China, Germany and the United Kingdom. All respondents represented organizations with annual revenue exceeding $500 million.
Corporate Adoption of Tokenized Money Expands
The survey found that 24% of participating businesses had implemented tokenized money at scale. Another 43% reported limited live use in selected markets, while 21% were conducting pilot programs or proofs of concept. The remaining 12% were either exploring the technology or not using it.
Among the financial instruments covered, stablecoins were the most widely used or planned for adoption, cited by 63% of respondents. Tokenized deposits followed at 53%, while 52% identified tokenized money market funds.
The findings suggest that businesses are examining several forms of digital money rather than relying on a single instrument. Their interest centers on practical applications in payments, liquidity management and corporate treasury operations.
Faster Cross-Border Payments Among Expected Benefits
Improving payment speed was a key motivation for adoption. Some 71% of respondents said they had already experienced improvements in real-time cross-border payments or expected to see them within the next two years.
Liquidity management also featured prominently. According to the study, 65% of respondents reported improvements in treasury liquidity management or anticipated such benefits over the same period.
Tokenized financial instruments can support the movement and settlement of value through digital infrastructure. However, the survey also identified regulatory uncertainty, security concerns and integration difficulties as continuing barriers to broader adoption.
Businesses Seek Banking Support and Simpler Integration
Nearly two-thirds of respondents wanted banks to provide a single point of access to the tokenized money ecosystem. Meanwhile, 63% sought assistance with pilot projects and integration, reflecting the challenges businesses face when connecting new digital financial systems with existing operations.
Lim Soon Chong, DBS's group head of global transaction services, said fragmented systems could increase complexity and compliance requirements for companies.
“For companies, fragmentation may add complexities and compliance obligations,” Lim said. “The future will be defined by new forms of money and technology, and also shaped by trusted anchors who can orchestrate value movement across multiple networks.”
DBS and Citi Develop Tokenized Payment Services
DBS is developing services in the same area examined by the survey. In 2024, the bank launched DBS Token Services, which connects its permissioned blockchain infrastructure with payment systems to support round-the-clock settlement and payments governed by preset conditions.
Other financial institutions have also reported corporate activity involving tokenized money. At its investor day in May, Citi said hundreds of clients were moving close to $1 billion daily through Citi Token Services, primarily for liquidity management and working capital needs.
In September, DBS and Citi completed a dollar payment between Singapore and New York over a weekend using tokenized deposits through the Swift Digital Ledger. DBS said the transaction settled within minutes, allowing the funds to move outside traditional banking hours.
The survey results and reported banking transactions point to growing experimentation with tokenized money in corporate finance. Wider adoption, however, will depend in part on how financial institutions and businesses address regulatory requirements, security risks and the technical challenges of integrating different systems.
source: coindesk
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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