DBS and Citi Complete Weekend Cross-Border Tokenized Deposit Payment on Swift Ledger

Key Takeaways

• DBS and Citi completed a weekend cross-border USD payment between Singapore and the U.S. using tokenized deposits on Swift’s Digital Ledger.
• Executed over the weekend, the transaction completed within minutes, compared with cross-border payments that can take up to two business days.
• This was the second confirmed live transaction on Swift’s blockchain ledger, which became ready for initial use in July with 17 banks.

DBS and Citi have completed a cross-border payment using tokenized bank deposits on Swift’s Digital Ledger over the weekend, the banks announced Monday.

The USD transaction took place on September 5 between DBS in Singapore and Citi’s New York office. The transaction was completed within minutes rather than the industry norm of up to two business days.

It marked a significant step in banks’ efforts to use blockchain technology without moving payments outside the regulated banking system.

How Swift’s Digital Ledger Works

Swift’s Digital Ledger acts as a shared layer that records and validates payment commitments between participating banks. The underlying bank money is represented by tokenized deposits, while banks retain control over their assets, keys, and funding. Settlements can continue through existing infrastructure, including real-time gross settlement systems and correspondent banking relationships.

The ledger uses an Ethereum Virtual Machine-compatible architecture based on Hyperledger Besu. According to Swift, the system aims to improve payment speed, liquidity visibility, and interoperability without requiring banks to move into a separate financial network.

Banks Push Toward 24/7 Payments

This was the second live transaction on Swift’s blockchain ledger, following HSBC and Standard Chartered’s first live cross-border transfer in August. These transactions mark a critical time for Swift. With stablecoins and tokenized deposits offering 24/7 settlement, Swift connects more than 11,500 institutions and carries payment messaging representing enormous volumes of global financial activity. In July, Swift announced that its blockchain ledger was ready for initial use, with 17 banks, including DBS and Citi, preparing to pilot live transactions.

Traditional cross-border payments between Asia and the U.S. can be delayed by banking hours, time-zone differences, and weekends. According to a DBS global survey, many finance leaders are already exploring blockchain technology for liquidity and FX management.

DBS already operates its own blockchain-based services, including DBS Token Services, launched in 2024 for programmable and 24/7 value transfers. Meanwhile, Citi offers Citi Token Services, which enable near-real-time cross-border payments and liquidity transfers across participating Citi markets.

Mridula Iyer, Citi's head of services for Asia South, said, “Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality.”

The DBS-Citi transaction shows that tokenized deposits are moving from testing into real-world cross-border banking. For multinational companies, this means faster settlements and 24/7 access to liquidity when moving money globally.

Get started on WEEX with a simple 40 USDT reward. Deposit 100 USDT, make your trade, and claim the bonus. 

Disclaimer: All content on The Moon Show is for informational and educational purposes only. The opinions expressed do not constitute financial advice or recommendations to buy, sell, or trade cryptocurrencies. Trading involves significant risk and may result in substantial losses. Always seek independent financial advice before making investment decisions. The Moon Show is not responsible for any financial losses or decisions made based on the information provided.

Please view the full disclaimer at: https://themoonshow.com/disclaimer