DBS and Citi complete first weekend tokenized payment via Swift
Singapore's DBS and US bank Citi executed a cross-border deposit transaction using tokenized deposits on the Swift Digital Ledger, bypassing traditional banking hours.
DBS and Citi finalized the first tokenized cross-border payment between Singapore and the US on Saturday. The two firms used the Swift Digital Ledger to process the transfer of USD deposits within minutes. DBS announced this transaction occurred on a weekend, highlighting its ability to operate outside standard banking schedules. This speed represents a significant improvement over traditional cross-border transfers, which often require up to two business days. DBS stated the deposit remained inside banking channels, confirming funds were not moved into external crypto platforms. This marks the second confirmed live use of Swift's blockchain ledger. In August, Standard Chartered and HSBC completed similar tokenized transactions. Swift plans to pilot tokenized cross-border payments with seventeen major banks, including Citi, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered. David Watson, CEO of the bank-owned operator at Citi, noted that Citi is among the largest US banks planning a separate tokenized deposit network to launch in the first half of 2027.
