Overview

• Issuance takes place on the public Ethereum network with distribution through ADDX, DigiFT and HydraX for accredited and institutional investors.
• The debut offering is a cash-settled, crypto-linked participation note that pays on price gains and limits downside, with the first note tied to Bitcoin according to the bank.
• Tokenization lowers typical structured-note minimums to $1,000 units, creating fungible securities that are easier to trade and rebalance.
• DBS reports more than $1 billion in client trades in crypto-linked structured instruments in the first half of 2025, with volumes up nearly 60% from Q1 to Q2.
• The initiative aligns with MAS’s Project Guardian policy work on tokenized finance, and DBS plans to expand into equity- and credit-linked notes.