CoinDesk
Singapore's DBS Bank will launch DBS Physical Gold Tokens for retail customers in the second half of 2026, making each token redeemable for one gram of physical gold held in a dedicated DBS vault in Singapore. The bank will handle tokenization, issuance, distribution, and custody entirely in-house, distributing the product through its digibank platform.
DBS is also exploring listing the tokens on its DBS Digital Exchange (DDEx), which currently serves accredited investors and institutions — a move that could bridge retail and institutional gold markets on a single blockchain-native infrastructure.
Why it matters
The announcement marks a meaningful step in the democratization of physical gold ownership. DBS head of investment product and advisory James Tan noted that physical gold access has historically been limited to institutional and accredited investors, while retail clients were confined to gold funds. Physical gold holdings in DBS's wealthy client portfolios have more than doubled over the past three years, signaling strong underlying demand that tokenization can now channel downmarket.
The move also reinforces DBS's position as one of Asia's most blockchain-forward traditional banks. In 2025, the bank tokenized structured notes on Ethereum and listed both Franklin Templeton's sgBENJI money market fund token and Ripple's RLUSD stablecoin on DDEx.
Market impact
For the real-world asset tokenization sector, a major regulated bank bringing physical gold to retail via blockchain is a significant legitimacy signal. It validates the RWA thesis at the consumer level — not just for institutional portfolios — and could accelerate similar product launches from competing banks across Asia and beyond.
Frequently asked questions
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How is each DBS Physical Gold Token backed, and where is the gold stored?
Each token is backed by one gram of physical gold held by DBS in a dedicated vault in Singapore. The bank manages tokenization, issuance, distribution, and custody entirely in-house using bank-grade infrastructure.
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Will institutional investors also be able to access DBS Physical Gold Tokens?
DBS is exploring listing the tokens on its DBS Digital Exchange (DDEx), a platform currently tailored for accredited investors and institutions, which could make the product available across both retail and institutional segments.
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Why is DBS launching tokenized gold now rather than offering direct physical gold to retail clients earlier?
DBS has offered physical gold to wealth clients since 2013, but access was limited to institutional and accredited investors. Tokenization on blockchain infrastructure now allows the bank to broaden that access to its broader retail customer base via digibank.
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