In late October 2026, Singapore's DBS released a survey of 422 large companies across eleven markets, and the picture it drew is of a financial tool moving from curiosity toward ordinary use. Most of those firms, 88 percent, have either put tokenised money to work or are testing it, with stablecoins leading the way. The findings suggest that businesses are looking for speed, flexibility and easier movement of capital across borders, and that the quiet question now is whether the renminbi will follow the same path into everyday trade.
Most Businesses Now Deploying or Piloting Tokenised Money, DBS Survey Finds
88% have deployed or are piloting tokenised money
Mark
Eighty-eight percent sounds nearly universal. What is it actually counting?
Mimi
Businesses that have deployed tokenised money or are piloting it. About two-thirds are further along, either at scale or in selected locations, so a fair share are still just testing.
Luke
And it's 422 leaders at firms with over $500 million in revenue. That's large companies, not businesses in general. The headline phrase is broader than the sample.
Mark
Which instrument is leading?
Mimi
Stablecoins at 63%, then tokenised deposits at 53% and tokenised money market funds at 52%.
Luke
Those add up to well over 100%, so companies are clearly using more than one. The survey doesn't tell us how much money moves through each.
Mark
Why does Lim think stablecoins are ahead?
Mimi
He points to fungibility across payment intermediaries, not only banks, and lighter permissioning.
Luke
That's his interpretation, and DBS is a bank with its own interest in the topic. It's a reasoned reading, not something the survey proved.
Mark
What about the renminbi finding?
Mimi
More than half of respondents in Australia and the UK are considering it for trade settlement within one to two years. DBS links that to the currency's appreciation and to Chinese exporters offering better terms.
Luke
Considering is not doing. The expectation that it will rise is Lim's forecast, and we don't know how many will actually switch.
Il Polso
- Eighty-eight percent of large firms have already moved tokenised money from idea into deployment or pilot, a pace that surprised the bank that measured it.
- Stablecoins have outpaced tokenised deposits and money market funds, drawing businesses toward faster and less cumbersome payment rails.
- Companies are seeking liquidity and new markets, with Southeast Asia leading as a destination for expansion.
- Over half of firms in Australia and the UK are weighing renminbi trade settlement within the next one to two years, pulled by a stronger currency and better terms from Chinese exporters.
- The decisive moment now is whether those weighing renminbi settlement actually commit within their stated window.
In late October 2026, Singapore's DBS released a survey of 422 large companies across eleven markets, and the picture it drew is of a financial tool moving from curiosity toward ordinary use. Most of those firms, 88 percent, have either put tokenised money to work or are testing it, with stablecoins leading the way. The findings suggest that businesses are looking for speed, flexibility and easier movement of capital across borders, and that the quiet question now is whether the renminbi will follow the same path into everyday trade.
Lim Soon Chong, who leads global transaction services at DBS in Singapore, said on October 28 that businesses around the world are adopting tokenised money faster than his bank had expected. The bank had just released the results of a survey that shows how far that shift has already travelled.
DBS questioned 422 business and finance leaders between June and July, all at firms with annual revenue above $500 million, spread across eleven markets from the United States to Germany and China. Eighty-eight percent said their companies had either deployed tokenised money or were piloting it. About two-thirds were already using it at scale or in selected locations, while the rest were still testing.
Stablecoins were the most widely adopted instrument, at 63 percent, ahead of tokenised deposits at 53 percent and tokenised money market funds at 52 percent. Lim read the stablecoin lead as evidence of real advantage: they move more freely across payment intermediaries, not just between banks, and they are simpler to permission. Companies said they were drawn to the tools for liquidity management and access to new markets, and Southeast Asia ranked first among the regions where they hope to expand.
The survey also turned up a currency story. More than half of respondents in Australia and the UK said they were considering the renminbi for trade settlement over the next one to two years. A stronger renminbi and better commercial terms from Chinese exporters are making the currency more appealing. Lim linked this to Beijing's clear push to internationalise the renminbi and expects its role in trade to grow. Whether those firms follow through within the window they named is the question that will show how far the intention reaches.
Lim Soon Chong, group head of global transaction services at Singapore's DBS, says businesses around the world are adopting tokenised money faster than the bank expected. He said so on October 28, after DBS released the results of a survey of large companies.
The survey found that 88% of businesses have either deployed tokenised money use cases or are piloting them. DBS polled 422 business and finance leaders between June and July. All of them worked at organisations with annual revenue above $500 million, and they were spread across 11 markets, including the US, UK, Australia, China and Germany.
The 88% covers a wide range of commitment. About two-thirds of respondents said their businesses had either fully deployed tokenised money at scale or begun using it in selected locations. The remainder of the 88% are still at the pilot stage.
Of the instruments tested, stablecoins were the most widely adopted, at 63%. Tokenised deposits followed at 53%, and tokenised money market funds at 52%. Lim said DBS reads the stablecoin lead as a sign of real benefits. In his words, stablecoins offer better fungibility across payment intermediaries, not just across banks, and they are less cumbersome when it comes to permissioning.
The survey also asked where companies want to grow. Southeast Asia ranked first as a destination for businesses looking to expand into new markets. Australia and New Zealand came second, and India third. Companies cited liquidity management and access to new markets as the reasons they are turning to tokenised money.
The survey also turned up a finding on currency. More than half of respondents in both Australia and the UK said they were considering the Chinese renminbi for trade settlement over the next one to two years. DBS said the renminbi's recent appreciation is making settlement in the currency more attractive to Chinese exporters, who are increasingly offering better commercial terms on deals denominated in it.
Lim tied that trend to policy in Beijing. He said Chinese authorities are clearly pushing the internationalisation of the renminbi, and that DBS therefore expects its use in trade settlement to go up. The next test is whether the firms in Australia and the UK that are weighing renminbi settlement follow through within the one-to-two-year window they described.
Citazioni salienti
Stablecoins offer better fungibility across payment intermediaries, not just across banks, and are less cumbersome from a permissioning standpoint.— Lim Soon Chong, group head of global transaction services, DBS
Chinese authorities are clearly pushing the internationalisation of the renminbi, so DBS expects renminbi settlement to go up.— Lim Soon Chong, DBS
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