DBS's Digital Gold
DBS Plans 2026 Launch for Physical Gold Tokens, Offering Retail Access via Digibank App
Anonymous
Key Points
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DBS said it will “tokenise, issue, distribute and manage” the gold tokens entirely in-house, and described the product as (reportedly) the first in Singapore to enable customers to digitally access, hold and trade tokenised physical gold on a single platform.
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In March, the Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association said they would explore ways to meet growing investor interest to “vault and trade gold” in Singapore.
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DBS’s move is happening amid sharp swings in gold markets: Reuters reported gold trading volatility had increased in recent months “partly because of the conflict in the Middle East” affecting oil prices, inflation and Federal Reserve expectations, and that gold prices later pulled back after rising above $5,000/oz in January.
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DBS framed the token rollout as building on its existing digital asset infrastructure, noting that it launched the DDEx platform in 2021 (initially for accredited and institutional clients), later added crypto trading capabilities inside digibank, and had issued tokenized structured notes on Ethereum in August 2025.
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DBS said the tokens are backed by one gram of gold “(~S$200)” and quoted James Tan, group head of investment product and advisory, saying: “Gold as an asset class has taken off in recent years, demonstrating its enduring value as a safe haven and a critical diversifier in uncertain times.”
Singapore's largest bank, DBS, will launch DBS Physical Gold Tokens for retail customers in the second half of 2026, the bank announced on June 10 crypto.news. Each token represents one gram of physical gold — priced at roughly S$200 — stored in a dedicated DBS vault in Singapore. Buyers can purchase fractions of gold without buying an entire bar, and they can redeem tokens for the physical metal.
DBS said it will handle the entire process in-house: tokenizing, issuing, distributing, and managing the tokens through its digibank app moneycheck.com. The bank is also weighing a listing on its own digital trading venue, DDEx. James Tan, DBS's group head of investment product and advisory, said: "Gold as an asset class has taken off in recent years, demonstrating its enduring value as a safe haven and a critical diversifier in uncertain times."
Gold Hits $5,000 as DBS Client Demand Doubles
Gold prices crossed $5,000 per ounce for the first time in January 2026, peaking at around $5,115 amid geopolitical shocks and U.S. trade tariff threats cryptoadventure.com. The metal rose roughly 64% in the 2025 calendar year — its biggest annual gain since 1979. That surge drove heavy demand at DBS: physical gold holdings in the bank's wealth client portfolios more than doubled between 2023 and 2026 en.bloomingbit.io.
Gold prices have since pulled back and swung sharply, partly due to conflict in the Middle East affecting oil prices, inflation, and expectations for U.S. Federal Reserve rate moves tronweekly.com. DBS is betting that retail investors want a stable, bank-grade way to hold gold through that volatility — without needing to buy or store a physical bar worth more than S$100,000.
Singapore Builds a National Gold Hub From the Ground Up
DBS is not acting alone. In March 2026, the Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association said they would explore ways to meet growing investor demand to "vault and trade gold" in Singapore moneycheck.com. MAS Deputy Chairman Chee Hong Tat noted that foreign central banks and sovereign funds have shown strong interest in storing gold in Singapore, positioning the city-state as a rival to hubs like New York.
The push reflects a broader shift. Singapore wants to be seen as a neutral, secure place to hold gold when Western financial systems face stress. Regulators are now working on clearing systems and internationally aligned vaulting standards to back that ambition crypto.news.
DBS Targets Retail While OCBC Courts Institutions
DBS is entering a market where a rival has already moved. OCBC launched its GOLDX tokenized gold fund in April 2026, built on both Ethereum and Solana, targeting institutional and accredited investors cryptoadventure.com. GOLDX pulled in S$669 million (about US$526 million) in assets within four months, using a partnership model with Lion Global and digital exchange DigiFT.
DBS is taking a different path. It is going directly after everyday retail customers via the digibank app, and it plans to manage everything in-house en.bloomingbit.io. DBS built on this infrastructure over years — launching the DDEx exchange in 2021, adding crypto trading in digibank, and issuing tokenized structured notes on Ethereum in August 2025. Clients executed over USD 1 billion in tokenized trades in the first half of 2025 alone.
Key Questions Remain Before the 2026 Rollout
DBS has not yet said which blockchain will support the gold tokens. The choice matters: a public chain like Ethereum would let tokens move freely, while a private chain would keep them inside the DBS ecosystem tronweekly.com. Analysts say the bank will likely use a "permissioned" model — a public blockchain with access restricted to approved wallets — similar to its 2025 structured notes.
Investors are also watching the "custody chain" closely moneycheck.com. DBS says tokens can be redeemed for physical gold, but the bank has not disclosed the details: whether there is a minimum number of grams required, what fees apply, or how delivery works for a retail customer. Those mechanics will determine whether the product truly democratizes gold ownership — or just repackages it digitally.
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