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DBS and Citi say they completed the first weekend cross-border USD payment between Singapore and the United States using tokenized deposits, settling the transfer in minutes instead of the one to two business days such payments typically take when they fall outside normal banking hours, according to a joint announcement from DBS.
The payment ran on Swift's Digital Ledger, a blockchain-based infrastructure layer the messaging network has been piloting with a core group of banks to enable round-the-clock settlement. Tokenized deposits represent bank money as digital tokens on a shared ledger, allowing two institutions to move value directly between each other without waiting for correspondent banks or clearing systems that operate on limited hours. DBS said the September 5 transaction moved between its Singapore operations and Citi's New York office.
"Businesses need to move money more quickly across borders to stay competitive," said Rachel Chew, DBS's group chief operating officer. "Swift Digital Ledger bridges traditional banking with digital networks." Citi's Mridula Iyer said "always-on cross-border payments are already a reality," framing the transaction as part of a broader effort to integrate traditional cash management with tokenized networks.
DBS is one of 12 banks in Swift's core design group shaping the Digital Ledger's architecture, and the only Asia-headquartered institution in that group. Citi joined Swift's 24/7 cross-border payments pilot in July 2026. DBS has been building out tokenized infrastructure since 2024 through its Token Services unit, which includes a Treasury Tokens product for continuous liquidity management, and cited internal research finding that half of finance leaders it surveyed are exploring blockchain rails for liquidity management.
Citi is separately part of a consortium of major US banks working through The Clearing House on a tokenized deposit network aimed at a first-half 2027 launch, positioning the DBS transaction as an early proof point ahead of wider industry rollout. DBS pointed to projections that cross-border payment volumes in Asia could reach $24 trillion by 2033 as the underlying demand driver for weekend and after-hours settlement capability.
Neither bank disclosed the size of the September 5 payment. The Swift Digital Ledger pilot, reported separately by The Block, is expected to continue running through the end of the year before banks decide on wider adoption.
