Singapore’s DBS Bank and American investment giant Goldman Sachs have executed the first-ever interbank over-the-counter (OTC) transaction involving cryptocurrency options. This step marks a significant achievement on the path to the institutionalization of digital assets in Asian countries.
This is reported by Finway
Details of the Deal and Market Trends
As part of the transaction, the parties conducted cash-settled options trades on Bitcoin and Ethereum. This allows banking institutions to effectively hedge risks associated with crypto products and fosters the development of new financial instruments for professional investors.
According to the bank, in the first half of 2025 alone, DBS clients executed over 1 billion USD in transactions involving crypto options and structured notes. Meanwhile, in the second quarter of this year, the volume of such transactions increased by nearly 60% compared to the previous quarter, indicating a rapid growth in interest in digital financial instruments in the region.
“Professional investors are seeking safe, reliable, and well-managed platforms to build their digital assets,” noted Jackie Tai, head of trading and structuring at DBS.
Digital Transformation Strategy and New Partnerships
DBS is actively implementing digital innovations, particularly in the area of bond tokenization. In August 2025, the bank announced the launch of structured bonds based on Ethereum, available as tokens with a face value of 1,000 USD on the ADDX, DigiFT, and HydraX platforms.
In September 2025, DBS, in partnership with Ripple and Franklin Templeton, introduced an institutional solution based on the XRP Ledger. This includes the listing of the tokenized fund sgBENJI and the stablecoin RLUSD on the DBS Digital Exchange, as well as providing trading and lending opportunities for tokenized assets.
Goldman Sachs emphasized that this deal is an important step in the structural transformation of the institutional crypto services market. As Max Minton, head of digital assets for the Asia-Pacific region, noted, further growth in institutional investor activity in this segment is expected.
Through such initiatives, the Asian region is strengthening its position as a leader in digital finance, with regulated financial institutions increasingly integrating traditional market instruments with cryptocurrency infrastructure, creating new opportunities for investors and banks.