Stablecoins and tokenised deposits: 88% of large companies have already taken the leap

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The study, called “The Great Rewiring: Money in a new order”, was carried out by EY for DBS in June and July 2026 in eleven countries. Germany (49 respondents), the United Kingdom (41), China (39), Indonesia (39) and Australia (37) form the bulk of the sample, supplemented by Hong Kong, India, Singapore, South Korea, Taiwan and the United States. Half of the respondents sit on the executive committee, the other half just below.

88% of companies are already deploying or piloting tokenized currency, and around two-thirds are already using it at scale or in select locations, according to the DBS report. Only 2% are not considering any additional settlement currencies.

On the instrument side, stablecoins received 63% of responses. Tokenized deposits follow at 53% and tokenized money market funds at 52%.

Expected profits within two years are financial plumbing rather than gambling. 72% of respondents expect better traceability of flows, 71% real-time cross-border payments, 66% better internal controls and 65% better managed liquidity.

Lim Soon Chong, head of DBS transaction services, sums up the advantage of stablecoins in one sentence: they offer “better fungibility between payment intermediaries, not just between banks”. In other words, USDC passes from one provider to another without waiting for two banks to reconcile.

The three survey instruments look similar on screen and differ on paper. The stablecoin is issued by a private company, Tether or Circle, which keeps Treasury bills and cash in reserve to guarantee parity. You have a claim on the issuer, not a guaranteed bank deposit. USDT and USDC account for the bulk of a market of around $304 billion according to Galaxy Research, up 129% since the start of 2024.

Tokenized deposit is something else entirely. It’s your bank account, registered on a blockchain. JPMorgan launched its JPMD on Base. The token remains a liability of the bank, with the deposit guarantee and supervision that goes with it, but it only circulates between authorized clients.

The tokenized monetary fund, finally, is a part of a fund that provides a return, like JPMorgan's MONY on Ethereum. Treasurers use it to park working cash, then convert it into stablecoin the day a supplier in Jakarta needs to be paid.

Machine-translated from French