Across a quiet but consequential shift in how money moves, a survey of 422 large global firms by Singapore's DBS Bank suggests that tokenised money has moved from abstraction into the working habits of corporate treasuries. Eighty-eight per cent of the companies polled have either deployed it or are testing it, with stablecoins leading the way, and their appeal lies less in novelty than in the older human problems of managing cash and reaching distant markets. Whether this early enthusiasm settles into durable infrastructure, or is simply a promising stage in a longer experiment, remains the o
Nearly 90% of Businesses Are Adopting Tokenised Money, DBS Survey Finds
88% have deployed tokenised money or are piloting it
Mark
The headline number is 88%. What does it actually measure?
Mimi
Businesses that have deployed tokenised money or are piloting it. About two-thirds are past the pilot stage, either at scale or in selected locations.
Luke
So the 88% blends real deployment with experiments. And it's 422 leaders at firms with over $500 million in revenue, not businesses in general.
Mark
Why are stablecoins leading, at 63%?
Mimi
Lim Soon Chong says they move more fungibly across payment intermediaries, not just banks, and are less cumbersome to permission.
Luke
That's DBS's interpretation of its own survey. The survey shows what firms use, not why they chose it.
Mark
Tokenised deposits and money market funds are close behind, at 53% and 52%.
Mimi
Yes, so firms seem to be using several instruments at once rather than picking one.
Luke
Likely, though the figures as reported don't say how much overlap there is.
Mark
And 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.
Luke
Considering is not doing. The expectation that usage will rise is Lim's, tied to Beijing's push and a stronger currency. It's a forecast, not a result.
Le Pouls
- Eighty-eight per cent of large firms have already deployed or are piloting tokenised money, a figure that turns a speculative idea into daily corporate practice.
- Stablecoins, used by 63% of respondents, are pulling ahead of tokenised deposits and money market funds as firms chase faster and more flexible settlement.
- Companies are racing to reach new markets, with Southeast Asia leading expansion plans and Australia, New Zealand and India close behind.
- Over half of Australian and UK respondents are weighing the renminbi for trade settlement, a shift nudged by its appreciation and Beijing's push to internationalise it.
- The decisive test now is whether these intentions harden into real renminbi settlements within the next one to two years.
Across a quiet but consequential shift in how money moves, a survey of 422 large global firms by Singapore's DBS Bank suggests that tokenised money has moved from abstraction into the working habits of corporate treasuries. Eighty-eight per cent of the companies polled have either deployed it or are testing it, with stablecoins leading the way, and their appeal lies less in novelty than in the older human problems of managing cash and reaching distant markets. Whether this early enthusiasm settles into durable infrastructure, or is simply a promising stage in a longer experiment, remains the open question the survey cannot yet answer.
A survey released by Singapore's DBS Bank reveals that tokenised money is no longer a distant prospect for large companies. Of the 422 business and finance leaders polled, all at firms with annual revenue above $500 million across 11 markets, 88% say they have deployed tokenised money or are piloting it. Roughly two-thirds are further along, using it at scale or in selected locations, while the rest remain in trials.
Stablecoins lead adoption at 63%, ahead of tokenised deposits at 53% and tokenised money market funds at 52%. DBS's Lim Soon Chong argues that stablecoins offer practical advantages, moving more fluidly across payment intermediaries and requiring less cumbersome permissioning. Companies are also looking outward, with Southeast Asia ranked the top destination for new markets, followed by Australia and New Zealand, then India.
Currency choices are shifting too. More than half of respondents in Australia and the UK are considering the renminbi for trade settlement within one to two years, drawn by its recent appreciation and by Chinese exporters offering better terms in the currency. Lim linked the trend to Beijing's clear push to internationalise the renminbi. The coming years will show whether these intentions become actual settlements.
A survey released by Singapore's DBS Bank puts a number on something that has mostly been discussed in the abstract: 88% of the businesses it polled say they have either deployed tokenised money or are piloting it. Lim Soon Chong, the bank's group head of global transaction services, said adoption is moving faster than expected among companies trying to manage liquidity better and reach new markets. His remarks were reported by Reuters on October 28.
The survey was conducted in June and July and drew on 422 business and finance leaders worldwide. All of them work at organisations with annual revenue above $500 million, and they are spread across 11 markets, including the United States, Britain, Australia, China and Germany. These are large companies, so the findings say little about small firms.
The depth of adoption varies. Roughly two-thirds of respondents said their businesses had either fully deployed tokenised money at scale or started using it in selected locations. The rest of the 88% are still at the pilot stage.
On the instruments, stablecoins were the most widely adopted, used by 63% of respondents. Tokenised deposits followed at 53%, and tokenised money market funds at 52%. Lim said DBS reads the result as evidence of real advantages in stablecoins. In his account, they offer better fungibility across payment intermediaries, not only across banks, and are less cumbersome when it comes to permissioning.
The survey also asked where companies want to expand. Southeast Asia ranked first as a destination for entering new markets. Australia and New Zealand came second, and India third.
Currency choices for trade settlement were another finding. 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 rise. What to watch is whether the Australian and UK intentions turn into actual renminbi settlements within the one-to-two-year window respondents described.
Citations marquantes
Stablecoins offer better fungibility across payment intermediaries, not just across banks, and are less cumbersome from a permissioning standpoint.— Lim Soon Chong, DBS group head of global transaction services
The Chinese authorities are clearly pushing the internationalisation of the renminbi, so we expect this to go up.— Lim Soon Chong, DBS
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