DBS and Kinexys make interbank tokenized deposits Singapore's next operating test

Why DBS's November 2025 Kinexys announcement matters as a cross-bank tokenized-deposit interoperability signal, not just another bank-tokenization release.

DBS turns Singapore's 2025 tokenization story into an interoperability question: can bank-issued liabilities move across bank platforms and chain types without losing money-form discipline?

The November release describes framework development and a target operating model, not proof of a scaled live multibank rail.

Read with DBS's August and September moves, the bank is building a stack across asset issuance, tokenized-fund liquidity, collateral, and tokenized-deposit settlement design.

DBS is no longer only tokenizing assets inside its own orbit. It is describing a framework for bank-issued tokenized deposits to move across bank platforms, across public and permissioned chains, and back into redeemable bank value.