DBS: 88% of large companies are using or testing tokenized money

Large companies are using or testing tokenized money to improve cash management and cross-border payments. According to a DBS survey, 88% of respondents reported having operational implementations or pilots. The study was conducted by EY on behalf of DBS; 422 business and finance executives were surveyed across 11 markets, including the US, China, Germany, and the UK, all from organizations with annual revenues exceeding $500 million.

Breakdown by stages: 24% have implemented the technology at scale, 43% have limited use in specific markets, 21% are conducting pilots or proof of concept, and the remaining 12% are exploring the technology or not using it.

Among the tools respondents use or plan to adopt, stablecoins lead with 63%, followed by tokenized deposits at 53% and tokenized money market funds at 52%.

Among the expected benefits is the acceleration of payments. 71% have already experienced improvements in real-time cross-border payments or expect them within two years, and 65% reported the same for treasury liquidity management. 72% already see or expect better traceability within two years.

Regulatory uncertainty, security risks, and integration complexities remain obstacles. Nearly two-thirds – 64% – want banks to provide a single access point to the tokenized money ecosystem, and 63% request assistance with pilots and integration.

"For companies, fragmentation can add complexity and compliance obligations," said Lim Soon Chong, head of global transaction services at DBS. "The future will be defined by new forms of money and technology, as well as trusted intermediaries capable of linking value movement across multiple networks."

What is already working

DBS offers the infrastructure explored in the survey. DBS Token Services were launched in 2024: they connect a permissioned blockchain with the bank's payment systems for 24/7 settlements and payments under specified conditions.

Other banks have reported real corporate usage. Citi stated at an investor day in May that hundreds of clients move about $1 billion a day through Citi Token Services, primarily for liquidity management and working capital.