88% of large businesses using or piloting tokenised money, DBS survey finds

This adoption suggests a move toward digital finance, affecting corporate and banking strategies. The survey polled 422 global business and finance leaders between June and July across 11 markets, including the US, UK, Australia, China, and Germany.

Roughly two-thirds of those surveyed indicated their companies had progressed past testing, reporting either full-scale deployment or active use in specific areas. The remaining adopters are still in a pilot phase, meaning the 88% figure includes both committed users and those still testing.

Stablecoins were the most utilized instrument, reported by 63% of respondents. Tokenised deposits followed with 53%, and tokenised money market funds were reported by 52%. These figures exceed 100%, suggesting many firms employ several types of digital cash concurrently.

The research indicated that 72% of respondents anticipate improved auditability and traceability within two years, while 65% view optimizing treasury liquidity as a primary advantage. Furthermore, over three-quarters of respondents mentioned adjusting operations to support new markets.

Lim Soon Chong, the group head of global transaction services at DBS, framed these outcomes as evidence of tangible value rather than mere experimentation. He stated, "Our interpretation is that there are significant benefits."

The instrument mix reflects differing levels of trust. Stablecoins, originating in the crypto sphere, suggest they are evolving into corporate infrastructure when 63% of large companies use them. For banks, the 53% figure for tokenised deposits shows a competitive avenue via on-chain balance sheets, though this also means corporate dollars may move outside traditional deposit bases.

Caveats exist, as the survey focuses only on large organizations earning over $500 million annually. Additionally, the headline number merges full implementation with pilots, and the data originates from a bank with a vested interest in the results.