DBS and Goldman Sachs have successfully executed the first over-the-counter (OTC) cryptocurrency options trade between banks. This landmark transaction involved cash-settled bitcoin and ether options, enabling both institutions to hedge their exposure to crypto-linked products. The deal signifies a significant move towards the institutionalization of digital assets in Asia, highlighting the increasing demand for crypto derivatives. Notably, DBS clients have already executed over $1 billion in crypto derivatives trades in the first half of 2025, underscoring the growing interest in these financial instruments.