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Test

Pilot

<h2 id="strong-key-takeaways-strong"><strong>Key Takeaways</strong></h2>
<div class="light-yellow-block">
 <ul>
  <li><strong>DBS: 88% deploy or pilot tokenized money.</strong></li>
  <li><strong>Only 24% describe operations at scale.</strong></li>
  <li><strong>EY puts corporate stablecoin production at 18%.</strong></li>
  <li><strong>EY ran both surveys, with different definitions.</strong></li>
 </ul>
</div>
<p>DBS published its figure on October 28, reporting that 88% of surveyed large businesses were <a href="https://www.dbs.com/NewsPrinter.page?locale=en&amp;newsId=mu8ohjn5" rel="noopener noreferrer nofollow">deploying or piloting tokenized money</a>.</p>
<h2 id="from-88-to-24">From 88% to 24%</h2>
<p>The headline combines four very different situations. Page 17 of the <a href="https://www.dbs.com.sg/corporate/insights/treasuryprism/MoneyInNewOrder/Global_Report.pdf#page=17" rel="noopener noreferrer nofollow">full report, The Great Rewiring: Money in a New Order</a>, separates them:</p>
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 <div style="width: 100%; margin: 0 auto 6px; padding: 10px 8px; border-radius: 8px; border: 1px solid rgba(148,163,184,0.55);">
  <p><strong>88%</strong> deploying or piloting</p>
  <div style="margin-top: 3px; font-size: 12px; opacity: 0.7;">
   24% at scale + 43% in selected markets + 21% in pilots
  </div>
 </div>
 <div style="width: 78%; margin: 0 auto 6px; padding: 10px 8px; border-radius: 8px; border: 1px solid rgba(148,163,184,0.75);">
  <p><strong>67%</strong> some live use</p>
  <div style="margin-top: 3px; font-size: 12px; opacity: 0.7;">
   24% at scale + 43% in selected markets
  </div>
 </div>
 <div style="width: 46%; min-width: 170px; margin: 0 auto; padding: 10px 8px; border-radius: 8px; border: 2px solid currentColor;"><strong>24%</strong> operational at scale
 </div>
 <p style="margin: 10px 0 0; font-size: 12px; opacity: 0.7;">The remaining 12% are exploring or not using it.<span style="font-size: 16px;">&nbsp;</span></p>
</div>
<p>Live in selected markets is the largest group, which makes a limited footprint the most common state, not full operation. Of the 88% counted as adopters, only about one in four describes its deployment as scaled. Even that is the companies’ own label: a firm can call a system scaled without saying what share of its treasury transfers or supplier payments runs through it.</p>
<h2 id="same-firm-two-answers">Same firm, two answers</h2>
<p>The other widely cited number, EY’s 18% of corporates using stablecoins in production, comes from the same consultancy. DBS commissioned EY to run its survey. EY-Parthenon ran a separate one. The results differ because the questions and the respondents do:</p>
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 <div style="padding: 14px 16px; border-radius: 10px; border: 1px solid rgba(239,68,68,0.5);">
  <p style="margin: 0 0 10px; font-weight: bold; color: #ef4444;">DBS survey · run by EY</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">422 leaders, 11 markets</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">Revenue above $500 million only</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">All tokenized money</p>
  <p style="margin: 0;"><strong>88%</strong> deploying or piloting</p>
 </div>
 <div style="padding: 14px 16px; border-radius: 10px; border: 1px solid rgba(39,117,202,0.6);">
  <p style="margin: 0 0 10px; font-weight: bold; color: #2775ca;">EY-Parthenon survey</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">383 corporates, 138 institutions</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">Broader range of company sizes</p>
  <p style="margin: 0 0 6px; padding-bottom: 6px; border-bottom: 1px dotted rgba(148,163,184,0.5);">Stablecoins and blockchain payments</p>
  <p style="margin: 0;"><strong>18%</strong> in production, <strong>13%</strong> piloting</p>
 </div>
</div>
<p>Add EY’s pilots to its production figure and the total reaches 31%, still far below DBS’s 88%. Part of the gap is who was asked: DBS surveyed only large companies, about a wider set of instruments.</p>
<p><a href="https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/insights/financial-services/documents/ey-gl-blockchain-based-payments-survey-10-2026.pdf#page=9" rel="noopener noreferrer nofollow">EY’s chart</a> splits its 18% into 10% with a single use case and 8% with several. That measures breadth, not size: one recurring payment process could move more money than several small applications combined.</p>
<h2 id="where-pilots-end-and-operations-begin">Where pilots end and operations begin</h2>
<p>“Pilot” and “live” are not opposites. Real money can move inside a test, and a pilot can carry ongoing business:</p>
<div class="light-yellow-block">
 <ul>
  <li><strong>Test with real payments.</strong> DBS and Citi completed a <a href="https://coindoo.com/dbs-citi-test-tokenized-usd-payments/" rel="noopener noreferrer nofollow">weekend dollar payment</a> in minutes, inside a <a href="https://www.citigroup.com/global/news/press-release/2026/citi-services-pioneers-live-transactions-swift-ledger-fab-ocbc-redefine-always-on-global-payments" rel="noopener noreferrer nofollow">proof of concept</a> that runs to December.</li>
  <li><strong>Pilot with ongoing use.</strong> In <a href="https://www.dbs.com/newsroom/DBS_rolls_out_blockchain_powered_banking_for_institutions_with_DBS_Token_Services_marks_new_milestone_in_financial_services" rel="noopener noreferrer nofollow">October 2024</a>, DBS described its Treasury Tokens as a pilot already handling recurring intragroup transfers for Ant International.</li>
  <li><strong>Live in selected markets.</strong> Operational, but limited to particular countries, currencies or counterparties.</li>
  <li><strong>At scale.</strong> A routine part of how the company moves money.</li>
 </ul>
</div>
<p>A survey answer puts each company on one rung. The rungs overlap more than the labels suggest, which is why the activity behind them matters more than the stage name.</p>
<h2 id="read-the-chart-not-the-headline">Read the chart, not the headline</h2>
<p>Page 18 of the DBS report carries a 63% figure for stablecoins. The chart covers instruments companies already use or plan to adopt, so it measures intentions as well as usage.</p>
<p>The instruments differ too. A tokenized deposit is a claim on a bank, and a tokenized money-market fund is an investment. Grouping them with stablecoins as “digital money” describes how companies are experimenting with payments and treasury. None of it means companies are buying Bitcoin or other volatile crypto assets. The relevant question for launches such as <a href="https://coindoo.com/jpmorgan-brings-bank-deposits-to-ethereums-tokenized-markets/" rel="noopener noreferrer nofollow">JPMorgan’s deposit tokens on Ethereum</a> is which payments real counterparties can complete with them.</p>
<h2 id="what-a-credible-adoption-figure-would-include">What a credible adoption figure would include</h2>
<div style="margin: 22px 0; border: 1px solid rgba(148,163,184,0.5); border-radius: 8px; overflow: hidden; font-size: 14px;">
 <div style="display: flex; justify-content: space-between; gap: 10px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.35); font-family: ui-monospace, Menlo, Consolas, monospace; font-size: 12px; letter-spacing: 1px; text-transform: uppercase; opacity: 0.85;">
  What would prove adoptionIn DBS / EY?
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Named service and users</strong> · shows exactly what is running and for whom<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Markets and currencies</strong> · separates “live in selected markets” from scale<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Transaction count and value</strong> · the only direct measure of size<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Unique counterparties</strong> · one partner or a real network<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Share of relevant payments</strong> · side project or core process<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px; border-bottom: 1px solid rgba(148,163,184,0.2);"><strong>Internal vs external</strong> · moving cash between subsidiaries or paying suppliers<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
 <div style="display: flex; justify-content: space-between; gap: 12px; padding: 10px 16px;"><strong>When funds are usable</strong> · whether speed reaches the recipient<span style="flex: 0 0 auto; color: #ef4444; font-weight: bold;">✗</span>
 </div>
</div>
<p>Neither survey fills in those fields. Until a company or bank publishes them for a named service, 24% is the closest figure to “live at scale,” and it rests on how respondents described themselves.</p>
<p style="text-align: center; font-size: 13px; opacity: 0.75;"><em>This article is provided for informational purposes only and does not constitute financial or investment advice.</em></p>
<p>The post <a href="https://coindoo.com/what-corporate-digital-money-adoption-numbers-hide/" rel="noopener noreferrer nofollow">What Corporate Digital Money Adoption Numbers Hide</a> appeared first on <a href="https://coindoo.com" rel="noopener noreferrer nofollow">Coindoo</a>.</p>

What Corporate Digital Money Adoption Numbers Hide

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