Tokenised structured notes
DBS Bank, bank, on Ethereum since August 2025.
DBS named public Ethereum and entered distribution arrangements with ADDX, DigiFT and HydraX, tokenising minimum US$100,000 notes into US$1,000 units with transfers restricted to whitelisted wallets. Announced 2025-08-21; no confirmation of a first on-chain issuance settling was found, so status is announced. The 'over US$1 billion traded in H1 2025' figure in the release is conventional-channel volume, not on-chain, and is therefore not used as a figure.
In the record
12
months from first observation to the record's assessment of August 2026
9
bank rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R1Can we hold and administer this the way we hold everything else?
available
Qualified custody, fund administration and in-kind creation are available from named providers under existing mandates.
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.