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A new survey claims that nearly 90% of large businesses are using or testing tokenized money to improve cash management and cross-border payments.

The survey by Singapore-based bank DBS Group (SGX: D05) found that 88% of respondents reported live deployments or pilot tests involving tokenized cash.

The report found 24% had deployed the technology at scale, while 43% had limited live use in select markets.

Another 21% of large companies are running pilot programs, or proofs of concept, leaving 12% exploring the technology or not using it at all.

The survey polled 422 business across 11 markets, including the U.S., China, Germany, and the United Kingdom.

All the organizations polled had annual revenues of more than $500 million U.S.

Stablecoins led the instruments respondents are using or planning to adopt, at 63%, followed by tokenized deposits at 53% and tokenized money market funds at 52%.

Tokenized money is a digital representation of fiat currency issued on a blockchain or distributed ledger.

Benefits of tokenized money, according to advocates, are the ability to move money with greater speed and transparency.

About 70% of respondents said they already experienced improvements in real-time cross-border payments or expected them within two years using tokenized cash.

Regulatory uncertainty, security risks and integration difficulties remain obstacles to more widespread adoption of digital money, said DBS in its report.

Still, use of tokenized cash is growing quickly. U.S. bank Citigroup (NYSE: $C ) said this spring that hundreds of clients were moving close to $1 billion U.S. daily through its Citi Token Service.

In September, DBS and Citigroup completed a weekend dollar payment between Singapore and New York using tokenized deposits through the Swift Digital Ledger.

DBS said the transaction settled within minutes and allowed funds to move outside traditional banking hours.

Bitcoin (CRYPTO: $BTC ) is trading at $80,600 U.S. on Oct. 28.