Crypto-friendly DBS Bank said it will start offering tokenized gold trading to its retail customers in the second half of 2026.

DBS said it will list the product, called DBS Physical Gold Tokens, on its digibank platform and is also considering making it available on the DBS Digital Exchange (DDEx), which is tailored for accredited investors and institutions.

The bank will tokenize, issue, distribute and manage the physical gold tokens entirely in-house, backed by trusted bank-grade infrastructure. Each token is backed by 1 gram of physical gold held by DBS in a dedicated vault in Singapore, the bank said in a statement.

The move builds on a growing trend towards blockchain-based versions of real world assets (RWAs). The size of physical gold holdings in the portfolios of wealthy clients of DBS has more than doubled over the past three years.

In 2025, DBS tokenized structured notes on Ethereum and listed sgBENJI, the token of Franklin Templeton’s tokenized money market fund, alongside the Ripple’s RLUSD dollar-pegged stablecoin.

“While our retail investors have been able to buy gold funds, access to physical gold has been largely available to only institutional and accredited investors,” said James Tan, the head of DBS’ investment product and advisory unit. “DBS has offered physical gold investments to wealth clients since 2013, and we are now leveraging tokenisation to broaden access, enabling more retail customers to invest in gold in a safe and meaningful way.”

Advisers to some of the world’s largest financial institutions are showing renewed interest in stablecoins and the tokenization of assets, rather than a continued zeal for Bitcoin itself. Matt Hougan, chief investment officer of Bitwise, summarized the sentiment in a memo after speaking with more than 40 advisers who remain broadly interested in crypto but are increasingly focused on real-world crypto applications.

In the memo, Hougan quoted advisers who were “still interested in crypto” but “more interested today in stablecoins and tokenization than they are in Bitcoin.” He noted that several calls this week highlighted curiosity about how crypto technologies are being applied in areas ranging from capital markets to cross-border payments, beyond price momentum or BTC narratives alone.

Bitcoin has faced a softer run of momentum, trading down roughly 30% year-to-date and hovering around the $62,500 level, a backdrop that may be amplifying the search for practical crypto use cases among institutional clients. Against this backdrop, stablecoins and tokenization have emerged as focal points for Wall Street, signaling a potential reorientation of crypto capital toward infrastructure, compliance-friendly products, and traditional investment channels.

The scene outside the traditional spot market is shifting as well. Circle, the issuer of the USD Coin (USDC), staged a high-profile initial public offering in June 2025, with its stock climbing to a peak near $240 from an initial debut around $31. Since then, the shares have cooled, closing just under $79 on the most recent session observed. The move underscored investor appetite for crypto-related equities, even as broader crypto equities have encountered a broader rout.

Beyond equity markets, regulatory signals appear to be aligning with broader adoption of tokenized assets. Reports indicate that the U.S. Securities and Exchange Commission is considering allowing tokenized stock trading, a development that could give traditional investors greater access to select equity exposure via blockchain-backed instruments. The prospect of a formal framework for tokenized securities may bolster confidence among institutional buyers contemplating crypto-enabled strategies.

Hougan underscored that the narrative around crypto—from CNBC headlines to speeches by senior policymakers and executives at large asset managers—now frequently centers on stablecoins and tokenization rather than Bitcoin’s live price moves. “It’s hard to turn on CNBC and not hear someone like SEC Chair Paul Atkins or Goldman Sachs CEO David Solomon or BlackRock CEO Larry Fink talking about stablecoins and tokenization,” he said. “Investors want to be a part of that.”

The interview and memo capture a broader shift in the ecosystem, where the most consequential developments may lie in infrastructure and regulatory clarity rather than in the daily ups-and-downs of the largest digital asset. Hougan argued that the technologies underpinning stablecoins and tokenized assets could provide the catalyst needed to pull crypto into a sustained bull market, framing new product breakthroughs and a broader class of investors as the drivers of the next cycle.

During discussions with advisers, several crypto rails and projects repeatedly surfaced as potential beneficiaries of this shift. Notable mentions included Ethereum, Solana, Canton (a network associated with cross-chain capabilities), Chainlink, and Avalanche. Participants also pointed to trading platforms such as Hyperliquid and crypto-native firms like Figure, Circle, and Coinbase as players positioned to capitalize on the evolving demand for tokenized and structured crypto exposures. The broader implication is a growing conviction that traditional wealth-management channels will increasingly allocate to crypto-enabled solutions rather than to naked BTC exposure alone.

In parallel, exchanges have been broadening their offerings beyond pure trading. Some have rolled out tokenized stock products—often outside the United States—to provide investors with access to popular equities and highly anticipated public offerings. The market’s interest in high-profile tokens and tokenized assets continues to grow even as the regulatory framework for such instruments remains a work in progress.

Against this backdrop, investors are watching how regulatory developments unfold, how Circle’s public-market performance evolves, and whether the shift toward stablecoins and tokenization translates into tangible inflows into crypto infrastructure and tokenized products. The combination of institutional curiosity, regulatory movement, and new product lines could shape the next phase of crypto adoption if these use cases prove durable and scalable.

Related coverage notes the evolving role of Bitcoin as a market canary in the face of broader risk-off dynamics, and how tokenization could influence correlations across asset classes in the months ahead.

Key takeaways

• Institutional advisers are increasingly prioritizing stablecoins and tokenization over direct Bitcoin exposure, signaling a potential shift in crypto investment emphasis.
• The performance and perception of Circle’s stock post-IPO illustrate the market’s appetite for crypto-related equities, even as broader crypto valuations move in a wider market cycle.
• Regulatory signals pointing toward tokenized stock trading could bolster institutional confidence and unlock new channels for capital inflows into tokenized assets.
• Advisers mentioned Ethereum, Solana, Canton, Chainlink, and Avalanche as prominent technologies likely to benefit from a broader adoption of tokenized and crypto-backed financial products.
• Exchanges expanding into tokenized stocks and services reflect a broader trend of crypto firms diversifying beyond trading into infrastructure, custody, and regulated investment products.

Shifting dynamics in advisory outreach and product focus

Bitwise’s memo crystallizes a notable shift in the conversations advisers are having about crypto. Rather than focusing on price trajectories or BTC as a solo investment thesis, many are asking how blockchain-based finance can synchronize with mainstream markets and regulatory expectations. The emphasis on stablecoins—designed to preserve value and enable seamless settlement—and on tokenization—the digitization of real-world assets like stocks and bonds—highlights a path toward integrated crypto-native solutions that can operate within traditional portfolios and risk controls.

Still, the path forward depends on how quickly the market can translate these technologies into scalable, compliant products. The regulatory environment, particularly around tokenized securities, will play a central role in determining the pace of adoption. If tokenized trading becomes more widely available within the framework of U.S. securities law, it could lower barriers for institutional investors to gain exposure to a broader set of assets via blockchain-enabled channels.

Regulatory signals, adoption, and the tokenization thesis

The SEC’s reported consideration of a tokenized-stock trading exemption signals a potential regulatory foothold for new investment vehicles. Such a framework could offer a clearer path for tokenized versions of well-known equities, making it easier for asset managers to include crypto-linked products in client portfolios. The potential impact on liquidity, price discovery, and cross-border trading is significant, though it will hinge on how the exemption is crafted and how disclosures and custodial controls are implemented.

On the corporate side, Circle’s IPO experience underscores the market’s appetite for crypto-native listings and related instruments. A peak near $240 for Circle’s stock, from an IPO price of $31, demonstrates strong initial demand, while the subsequent pullback to around $79 reflects broader crypto stock volatility and sector-wide pressures. The episode illustrates how crypto-linked equities can act as a barometer for investor sentiment toward the broader crypto ecosystem, even as fundamental adoption in payments and settlement accelerates.

Investors are also watching the ecosystem’s players—Ethereum, Solana, Chainlink, and Avalanche—as potential beneficiaries of increased demand for tokenized assets and stablecoins. Platforms and firms such as Hyperliquid, Figure, and Coinbase are cited as example incumbents that could scale these capabilities. The convergence of exchange platforms, custody and settlement providers, and fintech-style trading tools signals a maturation of the crypto space where tokenized products become core offerings rather than niche experiments.

In the near term, the trajectory will depend on regulatory clarity, the speed with which institutional users can onboard to compliant platforms, and the ability of market participants to demonstrate real-world use cases that translate into measurable yield and risk-management benefits. If the new wave of institutional investment materializes around stablecoins and tokenization, it could provide a counterpoint to Bitcoin’s price cycles and augment the sector’s resilience in the face of macro shifts.

What remains to be seen is whether this shift will translate into a durable bull-case narrative for crypto, or if it will simply reflect a phase of exploration among institutions as they test regulatory boundaries and product suitability. Market observers will want to monitor regulator guidance on tokenized securities, the performance of Circle’s public listing, and the pace at which institutions begin allocating toward tokenized products at scale. As Hougan summarized, the conversation has moved beyond BTC price action toward the infrastructure and real-world use cases that could redefine crypto’s role in a diversified, institutionally accessible market.

Looking ahead, readers should keep an eye on regulatory developments surrounding tokenized assets, the continued expansion of stablecoins into mainstream financial infrastructure, and the performance of key platforms and issuers that could drive the next phase of institutional crypto adoption.

On 11 June, the ECB is holding the second day of its Governing Council meeting. The interest rate decision will be announced at 14:15 CET, followed by a press conference by Christine Lagarde at 14:45 CET. Markets are focused on the possibility of a 25-basis-point rate increase to 2.25%.

The case for further tightening is supported by accelerating inflation in the euro area, driven in part by higher energy prices resulting from geopolitical tensions in the Middle East. At its 30 April meeting, the ECB paused its policy cycle but indicated that June would be an important point for reassessing the outlook. Labour market resilience and signs of second-round inflation effects have strengthened the arguments in favour of tighter policy. The tone of the press conference could shape market expectations for interest rates through the remainder of the year.

Technical Picture

Following a peak near 1.2000 in January, EUR/USD formed a downward move towards the March lows around 1.1400 on the daily chart. An ascending trendline drawn from the March lows is currently being tested from above, with price attempting to break below it.

At the same time, the pair is trading beneath the lower boundary of the current volume profile at 1.1620, which may indicate increasing selling pressure in this area. Should the price remain below the trendline, the next downside reference point could be the green support level around 1.1450.

The red resistance zone is located near 1.1850. If the market reverses higher and manages to overcome both the point of control (POC) at 1.1720 and the upper boundary of the profile at 1.1790, this area could become the next target for buyers.

RSI + MAs currently shows readings of 35, 41 and 44. All three lines remain below the neutral 50 level, while the moving averages continue to point lower.

Key Takeaways

The outcome of the ECB press conference on 11 June may determine whether the current attempt to break the corrective trend develops into a sustained move or ends with a return to the point of control (POC) area. For now, RSI + MAs remains firmly in bearish territory.

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Bitcoin BTC$62,691.92 has lost buyers on two fronts.

The exodus from spot ETFs as a catalyst for the recent bitcoin price swoon is well documented. Less discussed is the equally steep drop in buying by digital asset treasuries, or firms whose core business is accumulating bitcoin as a treasury asset.

“As BTC broke down from the mid-$70Ks toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace,” analysts at Glassnode said in the latest market update.

“While companies remain net buyers overall, the decline in accumulation suggests this cohort is becoming more cautious, removing another source of marginal demand at a time when broader market sentiment remains weak,” they said.

The green and red bars show the dollar value of daily net purchases by digital asset firms since June 2025, smoothed using a seven-day moving average.

The DAT demand has pretty much evaporated this month, down significantly from multiple instances of over $500 million in daily accumulation observed through April and May.

That partly explains BTC’s quick slide from $74,000 to under $60,000 last week.

Some analysts believe the sell-off was mainly catalyzed by Strategy, the world’s largest publicly listed BTC holder, disclosing that it sold 32 BTC in the final week of May. The firm, however, returned to the market during last week’s sell-off, snapping up BTC worth around $100 million. But that failed to keep prices from falling below $60,000.

As of writing, bitcoin changed hands at around $62,500.

The U.S.-listed spot ETFs remain another major headwind, continuing to bleed capital and reducing the odds of a sustained price rebound. On Wednesday, the 11 funds posted an outflow of $213.85 million, according to SoSoValue. Total redemptions have exceeded $5.72 billion since the second week of May.

Advisers to some of the largest financial institutions are taking more of an interest in stablecoins and tokenization than in Bitcoin, which could help pull crypto out of its current slump, said Bitwise investment chief Matt Hougan.

Hougan said in a note on Wednesday that he recently spoke with more than 40 advisers who were “still interested in crypto” but are “more interested today in stablecoins and tokenization than they are in Bitcoin.”

“It was pretty hard to engage with advisors on Bitcoin this week,” he said. “In call after call, they expressed much more curiosity over the real-world applications of crypto that are quickly reshaping everything from capital markets to global payments.”

Stablecoins and tokenization have recently captured the interest of Wall Street, as Bitcoin (BTC) has struggled to maintain momentum, trading down almost 30% so far this year to $62,500.

Stablecoin issuer Circle saw a buzzy initial public offering in June 2025, with its stock quickly rallying to a peak of $240 from its debut price of $31. It has since struggled amid a wider rout in crypto stocks, closing at just under $79 on Wednesday.

Tokenization is also set for a boost as the US Securities and Exchange Commission is reportedly planning to allow tokenized stock trading, which could give traditional investors confidence and spur investment.

“It’s hard to turn on CNBC and not hear someone like SEC Chair Paul Atkins or Goldman Sachs CEO David Solomon or BlackRock CEO Larry Fink talking about stablecoins and tokenization,” Hougan said. “Investors want to be a part of that.”

Matt Hougan, pictured appearing on a podcast in January, says advisers are becoming less interested in Bitcoin. Source: YouTube

He said interest in the technologies could be what pulls crypto into a bull market, which has historically been triggered by “new product breakthroughs and new types of investors.”

Related: Bitcoin may act as a ‘canary in the coal mine’ as risk-off pressure spreads

The “best hope,” according to Hougan, is that financial advisors and institutional investors make up the new crypto investment class, and their money is likely to flow into stablecoin and tokenization investments.

He said Ethereum, Solana, Canton, Chainlink and Avalanche were mentioned during his conversations, along with trading platform Hyperliquid and crypto companies Figure, Circle and Coinbase.

Coinbase and other crypto exchanges have been expanding into business lines beyond crypto trading in a bid to capitalize on investor interest in blockchain-linked services.

Many exchanges have begun to offer tokenized stocks, albeit outside of the US, which have grown in popularity as investors seek to gain exposure to popular stocks and intensely-hyped public offerings, such as SpaceX’s planned debut on Friday.

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

The British pound is maintaining a cautious tone following a period of elevated volatility, with market participants now focused on key upcoming UK economic data releases. Both GBP/USD and GBP/JPY are consolidating near important technical levels as investors await macroeconomic indicators that could provide clearer signals on the outlook for the UK economy and the Bank of England’s next policy moves.

The main event later this week will be the release of UK GDP data for April. Forecasts suggest the economy may contract by 0.1% month-on-month, following a 0.3% expansion in the previous month. At the same time, figures for industrial production, manufacturing output, construction activity, and the trade balance will also be published. Weaker-than-expected data could reinforce expectations of further Bank of England easing and put additional pressure on sterling, while stronger readings may support the currency and trigger a fresh wave of demand.

GBP/USD

From a technical perspective, GBP/USD remains in a consolidation phase following its recent decline. After bouncing from support at 1.3300, a bullish piercing candlestick pattern formed on the daily chart, with potential follow-through towards 1.3420–1.3480. A sustained break below 1.3300, however, could extend the downside move towards the April lows in the 1.3220–1.3180 area.

Key events for GBP/USD:

• Today at 13:00 (GMT+3): Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) in the UK;
• Today at 15:30 (GMT+3): US Producer Price Index (PPI);
• Today at 19:00 (GMT+3): US Department of Agriculture (USDA) World Agricultural Supply and Demand Estimates report.

GBP/JPY

GBP/JPY is also trading in a consolidation range near important resistance levels. The pair continues to find support from persistent yen weakness, although the lack of a decisive breakout above recent highs suggests caution among buyers. Strong UK data could prompt another attempt to extend gains towards the 215.60–216.30 area. Conversely, a break below 214.20 may open the way towards 213.30–213.00.

Key events for GBP/JPY:

• Tomorrow at 07:30 (GMT+3): Japan industrial production;
• Tomorrow at 09:00 (GMT+3): UK gross domestic product (GDP);
• Tomorrow at 09:00 (GMT+3): UK manufacturing output.

Overall, sterling is approaching a key juncture where its next direction will largely depend on the state of the UK economy. Upcoming GDP, industrial production, and trade balance data could act as the main short-term drivers for GBP/USD and GBP/JPY. Ahead of these releases, markets are likely to remain cautious, with consolidation near current levels remaining the dominant scenario.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.