Crypto Treasury Management Enters the Tokenized Cash Era

A survey of 422 large-company finance leaders conducted by DBS and EY reveals that 88% of major organizations are now actively using or piloting tokenized cash. This shift marks a transition from experimental interest to operational reality for enterprise treasury management, with 24% of firms already deploying these assets at scale. Stablecoins lead the adoption at 63%, followed by tokenized deposits and tokenized money market funds, as companies seek to optimize cross-border payments and liquidity. While institutional interest is high, the survey highlights that integration difficulties and security concerns remain significant barriers to broader adoption. For smaller entities like DAOs and startups, this trend creates a competitive disadvantage if they cannot bridge the gap between on-chain assets and traditional fiat payment rails. The findings suggest that treasury management is evolving to require robust, bank-grade controls such as audit trails and role-based permissions for digital assets. Ultimately, the widespread adoption of tokenized cash by large enterprises forces smaller market participants to prioritize seamless fiat-crypto integration to remain operational.