Citi, DBS complete first weekend tokenized cross-border deposit on Swift
Summary
DBS and Citi completed the first weekend tokenized cross-border payment between Singapore and the US using tokenized deposits on Swift’s Digital Ledger. The transfer bypassed traditional banking-hour limits and settled in minutes, far faster than the up to two business days typical for conventional cross-border payments. The transaction highlights growing use of blockchain infrastructure by major banks to speed payments while keeping funds within banking systems. Swift has already said its ledger is ready for initial use and is piloting tokenized cross-border payments with 17 major banks. Citi is also set to join a separate US bank tokenized deposit network planned for 2027.
