CoinDesk
Nearly 9 in 10 large businesses are using or testing tokenized money, according to a DBS-commissioned EY survey of 422 finance leaders. Stablecoins lead the instruments in use or planned adoption at 63%, ahead of tokenized deposits at 53% and tokenized money market funds at 52%. The survey covered organizations with annual revenue above $500 million across 11 markets.
Why it matters
Adoption ranges from pilots to scaled deployments: 24% of respondents said they had deployed tokenized money at scale, 43% reported limited live use in selected markets and 21% were running pilots or proofs of concept. Faster movement of money is a key motivation. Some 71% said they already saw, or expected within two years, improvements in real-time cross-border payments. Another 72% saw or expected better traceability over the same period, while 65% reported or anticipated improvements in treasury liquidity management.
The results also point to the importance of trusted intermediaries. Nearly two-thirds of respondents wanted banks to act as a single access point to the tokenized-money ecosystem, and 63% sought support with pilots and integration. Regulatory uncertainty, security risks and integration difficulties remain obstacles. DBS’s Lim Soon Chong said fragmentation can add complexity and compliance obligations for companies.
Market impact
The survey signals growing corporate interest in tokenized cash, but not uniform or fully scaled adoption. Stablecoins lead current or planned use, while tokenized deposits and money market funds are also prominent, underscoring that businesses are considering multiple forms of digital money.
Banks are already building services around that demand. DBS launched Token Services in 2024 to connect its permissioned blockchain with payment systems for round-the-clock settlement and payments governed by preset conditions. DBS and Citi have also completed a weekend dollar payment between Singapore and New York using tokenized deposits through the Swift Digital Ledger, settling in minutes. Those examples show how banks are testing cross-border settlement beyond traditional banking hours.
Frequently asked questions
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How many large businesses in the survey had tokenized money live or in a pilot?
88% of respondents reported live use or pilots. The survey was commissioned by DBS and conducted by EY among 422 finance leaders.
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Which forms of tokenized money led current or planned adoption?
Stablecoins led at 63%, followed by tokenized deposits at 53% and tokenized money market funds at 52%.
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What share of respondents had deployed tokenized money at scale?
24% reported deployment at scale. Another 43% had limited live use in selected markets, while 21% were running pilots or proofs of concept.
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What benefits do businesses expect from tokenized money?
71% reported or expected improvements in real-time cross-border payments within two years. 72% saw or expected better traceability, and 65% reported or anticipated better treasury liquidity management.
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What barriers and support needs did businesses identify?
Regulatory uncertainty, security risks and integration difficulties remained obstacles. Nearly two-thirds wanted banks to provide a single access point, and 63% sought help with pilots and integration.
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