Nearly 90% of large businesses are embracing tokenized cash to speed up payments: DBS

An EY survey, commissioned by DBS, found that 88% of 422 large-company finance leaders report either live use or pilots involving tokenized money.

Tokenized money is being adopted by large businesses to enhance cash management and cross-border payments, according to the Singapore bank.

The study, which polled leaders across 11 markets including the U.S., China, Germany, and the U.K., found that 24% had deployed the technology at scale. Furthermore, 43% reported limited live use within specific markets.

Stablecoins were the leading instrument, being used or planned by 63% of respondents. This was followed by tokenized deposits at 53% and tokenized money market funds at 52%.

Among the expected advantages, 71% of respondents anticipate or already experience improvements in real-time cross-border payments within two years. Additionally, 64% desire banks to serve as a single access point for this ecosystem.

Obstacles such as integration difficulties, security risks, and regulatory uncertainty persist. Lim Soon Chong, DBS’s group head of global transaction services, stated, “For companies, fragmentation may add complexities and compliance obligations.”

DBS itself launched DBS Token Services in 2024, integrating its permissioned blockchain with payment systems for round-the-clock settlement under preset conditions.

Citi noted at its May investor day that hundreds of clients were moving near $1 billion daily via Citi Token Services, primarily for working capital and liquidity management. In September, DBS and Citi completed a weekend dollar payment between Singapore and New York utilizing tokenized deposits through the Swift Digital Ledger, which settled in minutes.