An Institutional Perspective: Solana Goes Mainstream

When one of the world's most profitable banks tells you that Solana was "the first one that came up" as the coin their clients wanted more exposure to, the narrative around institutional adoption shifts from speculation to reality. At Breakpoint 2025, DBS Bank's Evy Theunis delivered a masterclass on how traditional finance has been quietly building the rails for mainstream crypto adoption—and why Solana is emerging as a clear institutional favorite.

Summary

The conversation between Brian Romandi of Bitwise and Evy Theunis of DBS Bank provided a rare window into how one of Asia's most sophisticated financial institutions has approached digital assets over the past five years. DBS, described as the second most profitable bank in the world, didn't stumble into crypto—they strategically entered the space in 2018 driven by customer demand, competitive pressure from exchanges capturing their clients' assets, and a forward-looking view on tokenization.

What makes this particularly significant is the transformation in client composition. Theunis noted that when people talked about "institutional clients" in 2022, the reality was most were digital asset-native players. Fast forward to 2025, and more than half of Bitcoin ETF investors are now traditional institutional players. The conversation revealed that DBS's B2B2C clients specifically identified Solana as the altcoin they most wanted access to—a powerful signal of retail and institutional convergence.

The discussion also highlighted how bear markets create opportunity. Theunis joined DBS on November 1, 2022—just days before FTX's collapse—yet this challenging period allowed the bank to rebuild partnerships and reshape industry practices. DBS used the quiet years of 2022-2024 to prepare for the current institutional wave, launching structured notes, options, and tokenized products that are now seeing significant demand.

Perhaps most telling was the announcement of DBS's partnership with Franklin Templeton and Ripple to enable trading of RLUSD and a Singapore version of the Benji fund on their exchange, with plans to explore repos and collateral usage—demonstrating how traditional finance infrastructure is being rebuilt on blockchain rails.

Key Points:

DBS's Comprehensive Digital Asset Strategy

DBS Bank began its digital asset journey in 2018, driven by three key factors: anticipation of rapid tokenization growth, demand from private banking customers seeking safe platforms for large crypto investments, and the need to recapture client assets flowing to crypto exchanges. This strategic approach led to building proprietary custody infrastructure (launched August 2020), followed by their exchange at the end of 2020.

The bank has since expanded into structured notes and options in 2024, tokenizing these instruments in 2025 and distributing them through licensed real-world asset players in Singapore. On the banking side, DBS has supported the broader ecosystem since 2020, providing services to PSA-licensed entities in Singapore and now serving most major digital asset players with Asian presence. Their innovation portfolio includes Project Ubin (2016), tokenized deposits, purpose-bound money, and blockchain-based payment rewards through their Payla app.

The Real Shift in Institutional Participation

Theunis provided crucial insight into the changing composition of institutional crypto investors. In 2022, when industry players claimed institutional adoption, most of these "institutions" were actually crypto-native firms. The launch of Bitcoin ETFs fundamentally changed this dynamic, with traditional institutional players now comprising more than half of ETF investors.

The stabilizing effect of institutional participation became evident during market volatility in late October 2025. Theunis observed that assets with ETF exposure showed notably different behavior—outflows weren't as severe, demonstrating that traditional finance participants are "stable hands" with longer time horizons. This pattern is expected to repeat as more altcoins, including Solana, receive ETF treatment.

Solana's Emergence as the Preferred Altcoin

When DBS surveyed client demand through their B2B2C channels, Solana emerged as the clear leader among alternative cryptocurrencies. This wasn't a marketing push—it reflected organic demand from clients wanting to expand beyond Bitcoin and Ethereum. The bank frames the choice between Ethereum and Solana similarly to choosing between Apple and Microsoft: different technologies serving broad needs, with the long-term ecosystem development being the determining factor.

Theunis emphasized that Solana's development approach and ecosystem building are "encouraging" for long-term investors. This institutional validation from Asia's leading digital asset bank signals a significant shift in how traditional finance views the Solana ecosystem.

Asian Market Sentiment and Investment Patterns

Asian clients continue to be at the forefront of crypto adoption, though the investor profile has evolved significantly. Where previous cycles saw participation primarily from those who made their wealth in digital assets, current investors are treating crypto as a standard alternative asset allocation within diversified portfolios.

Investment behavior has also shifted. During 2023-2024, DBS observed clients primarily accumulating positions with minimal trading activity. In 2025, trading volumes have increased substantially, reflecting greater confidence and more sophisticated portfolio management approaches.

The Franklin Templeton and Ripple Partnership

DBS announced a significant partnership with Franklin Templeton and Ripple that will enable RLUSD and SG Benji (the Singapore version of the tokenized fund) to trade on DBS's exchange. More importantly, the partnership will explore using these assets for repos and as trading collateral—demonstrating how stablecoin and tokenized fund infrastructure is being integrated into traditional financial operations.

This partnership exemplifies DBS's approach of focusing on scalable, demand-driven use cases rather than supply-side experimentation. The bank explicitly stated they prioritize projects with clear commercial viability and client demand.

Facts + Figures

• DBS is described as the second most profitable bank in the world, emphasizing their focus on commercially viable blockchain use cases
• DBS launched their proprietary custody solution in mid-August 2020, followed by their exchange at the end of 2020
• The bank launched structured notes and options in 2024, tokenizing them in 2025
• DBS announced a partnership with JP Morgan to develop a framework for interoperability between tokenized deposits
• Project Ubin, DBS's first blockchain project on payments, launched in 2016
• More than half of Bitcoin ETF investors are now traditional institutional players, according to DBS's analysis
• CME futures volumes for crypto overtook spot exchange volumes at one point in 2024
• Four large US/global banks have approved crypto-related products in the three weeks preceding the talk
• Solana was "the first one that came up" when DBS clients were asked about altcoin demand through B2B2C channels
• DBS provides quarterly educational webinars on digital assets to clients
• The bank currently services private bank clients, institutional investors, and B2B2C partners through their exchange

Top Quotes

"When people said we have mostly institutional clients, my question was who? Because I'm part of a financial institutions group and I was like, the vast majority of the ones that we service are not actively participating."

"What you could see was a difference between those that had ETFs versus those that didn't... it really helped to stabilize it because the outflows from the ETFs weren't as big."

"It was actually the first one that came up as one of the coins that they wanted to see more of. People wanted to be more active in." (On Solana demand)

"You can basically think about it as Apple versus Microsoft or just different technologies, but both being able to serve a wide need."

"The way the team is building it and trying to build out the Solana ecosystem is encouraging."

"Now you see it as part of the allocation of the portfolio, just another alternative asset."

"Bear markets are for building after all."

"Many people ask, when is it a good time to come in? I think any time is good when you think long term."

"We focus on use cases which are commercially viable, the amount from our clients, and something that we can really scale."

Questions Answered

Why did DBS Bank decide to enter the crypto space?

DBS entered crypto in 2018 for three strategic reasons. First, they anticipated tokenization would accelerate rapidly. Second, they recognized significant demand from private banking clients who wanted to buy crypto through a safe, regulated platform capable of handling large transactions. Third, as a data-driven bank, they observed substantial client outflows to crypto exchanges and wanted to recapture that business. This led them to build proprietary custody first, launching in August 2020, followed by their exchange later that year.

How has the institutional investor profile in crypto changed since 2022?

The composition of institutional crypto investors has fundamentally transformed. In 2022, when the industry discussed "institutional adoption," most participants were actually crypto-native firms rather than traditional financial institutions. The launch of Bitcoin ETFs changed this dramatically—more than half of ETF investors are now traditional institutional players. Additionally, these investors have proven to be "stable hands," with ETF outflows remaining relatively modest even during significant market downturns.

Why is Solana specifically attracting institutional interest?

When DBS surveyed demand through their B2B2C channels, Solana emerged as the top-requested altcoin among clients wanting exposure beyond Bitcoin and Ethereum. The bank positions the Ethereum versus Solana choice similarly to Apple versus Microsoft—different technologies serving broad needs. Theunis specifically cited the encouraging approach of the Solana team in building out the ecosystem as a factor for long-term investors to consider.

What is the current approach Asian investors are taking toward crypto?

Asian investors remain highly active in the space, but the investor profile has evolved significantly. Previously, crypto investors were often those who made their wealth in digital assets. Now, crypto is being treated as a standard alternative asset allocation within diversified portfolios. Investment behavior has also shifted from primarily accumulating positions (2023-2024) to more active trading in 2025, reflecting increased confidence and sophisticated portfolio management.

What should skeptical institutional investors consider about entering crypto?

Theunis advises skeptical CIOs to conduct their own research but emphasizes that timing the market is less important than having a long-term perspective. Her recommendation is to dollar-cost average into positions, noting that "any time is good when you think long term." The key is viewing crypto as part of a broader portfolio allocation strategy rather than a speculative trade.

How did DBS navigate the crypto winter following FTX's collapse?

Theunis joined DBS on November 1, 2022—just days before FTX collapsed. While acknowledging it "wasn't a great time," she views the period as an opportunity for a reset. The quiet years of 2022-2024 allowed DBS to work diligently behind the scenes on developing the next level of digital asset infrastructure, partnering with firms to reshape industry practices. This preparation positioned them for the current institutional wave.