DBS Survey Finds Nearly 90% of Large Businesses Embrace Tokenized Cash
DBS says nearly 90% of large businesses surveyed are using or planning to use tokenized cash to speed up payments. Stablecoins are the leading option at 63%, followed by tokenized deposits at 53% and tokenized money market funds at 52%.
Key takeaways
- Nearly 90% of large businesses surveyed by DBS are using or planning to use tokenized cash.
- Stablecoins lead the surveyed instruments at 63% for current or planned use.
- Tokenized deposits reached 53%, while tokenized money market funds reached 52%.
- The figures combine existing use and future plans rather than measuring live adoption alone.
Nearly 90% of large businesses surveyed by DBS are using or considering tokenized cash to make payments faster. Stablecoins are the most popular instrument: 63% of respondents said they were already using them or planned to, ahead of tokenized bank deposits and tokenized money market funds.
The figures suggest corporate interest extends beyond crypto-native firms, but they combine current use with future plans. The survey description does not provide its sample size or the share already using each instrument, so the numbers should not be read as adoption rates alone.
Which tokenized cash options are businesses considering?
Stablecoins lead at 63%. Tokenized deposits—digital representations of money held at a bank—follow at 53%, while tokenized money market funds register 52%. These categories may overlap; the reported percentages do not indicate that businesses chose only one option.
Tokenized cash refers broadly to forms of money or cash-like assets represented digitally on a blockchain or similar ledger. Businesses may be interested in these tools because they can support faster movement of funds, though the survey description does not specify which payment systems or products respondents use.
What does this mean for business payments?
For everyday users, this is a sign that stablecoins are being considered for corporate payment operations, not just trading or transfers between crypto wallets. But “using or planning” is a broad measure: it does not establish how much money is moving this way, whether payments are live at scale, or whether the approach is cheaper.
The mix of options is also notable. Stablecoins lead, but bank deposits and money market funds are close behind, suggesting businesses are weighing several kinds of tokenized money rather than treating stablecoins as the only route. That fits a wider push by banks and payment firms to connect traditional business payments with blockchain-based settlement, including Citi and Coinbase’s stablecoin payments partnership and bank experiments with tokenized cross-border transfers.
The practical test is whether planned projects become routine payments. Businesses evaluating these systems will need to compare settlement speed and costs with existing payment rails, while also considering the rules and operational risks attached to each instrument.
Frequently asked questions
How many large businesses are embracing tokenized cash?
DBS says nearly 90% of the large businesses surveyed are using or planning to use tokenized cash.
Which tokenized cash option is most popular with businesses?
Stablecoins lead, with 63% of respondents saying they use or plan to use them. Tokenized deposits scored 53%, and tokenized money market funds 52%.
Does the DBS survey show that 90% of businesses already use tokenized cash?
No. The reported figure includes businesses that are planning to use tokenized cash as well as those already using it.