DBS and Citi Execute First Weekend USD Cross-Border Payment Using Tokenized Deposits
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DBS and Citi executed a weekend USD cross-border payment using Swift's DLT with tokenized deposits, settling in minutes versus up to two business days. The pilot signals accelerating bank-led tokenization and 24/7 settlement rails that could reduce liquidity and operational frictions in FX and cross-border flows. Near-term, it supports a constructive backdrop for payment-network modernization and tokenized-deposit infrastructure adoption.
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DBS Bank (Singapore) and Citibank's New York branch have completed what they described as the first weekend U.S. dollar payment between Singapore and the United States using Swift's Digital Ledger, with settlement carried out through tokenized deposits. The transaction was completed in minutes, DBS said, compared with traditional cross-border U.S. dollar payments that can take up to two business days.
The pilot is designed to remove the constraints of standard banking hours, weekends and time zones, supporting 24/7 cross-border fund transfers. Potential use cases include cross-border e-commerce and digital services.
Citibank joined Swift's 24/7 tokenized-deposit cross-border payment pilot in July and said it plans to help build a U.S. tokenized deposit network. DBS launched a blockchain-based banking system in 2024, including DBS Treasury Tokens for liquidity management.
