DBS and Citi Complete Weekend USD Payment Using Tokenized Deposits

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On-chain news broke as DBS and Citi executed a USD payment via tokenized deposits on the Swift Digital Ledger on September 5. The Singapore-to-New York transaction settled in minutes during a weekend, bypassing the usual two-day delay. Blockchain innovation enables faster liquidity management across time zones, especially during volatile markets. DBS noted 50% of finance leaders are exploring blockchain tools for FX and liquidity. Asia’s outbound cross-border payments may hit $24 trillion by 2033.

DBS and Citi have completed a cross-border U.S. dollar payment between Singapore and New York during a weekend. The transaction marks a major step toward round-the-clock international banking.

The two institutions made the payment using tokenized deposits on the Swift Digital Ledger on September 5. Within minutes the transfer happened, against the odds of a traditional settlement that can take two business days.

Faster Cross-Border Liquidity

The innovation may enable multinational firms to control cash across markets without relying on banking hours. Moreover, more rapid settlement would mean fewer delays for businesses running across time zones. E-commerce firms and digital service providers could benefit from quicker supplier payments and improved cash availability.

As a result, the corporate treasury could be more flexible in their liquidity and foreign exchange management. Significantly, the system could also help companies respond faster during periods of market volatility.

Growing Tokenized Finance

DBS said 50% of surveyed finance leaders are exploring blockchain-based tools for liquidity and FX management. Moreover, Asia’s outbound cross-border payments could reach $24 trillion by 2033. That figure compares with $13.5 trillion recorded in 2025.

But for wider use, the financial networks must be interoperable with existing banking systems. In 2024, DBS introduced its Token Services suite to facilitate programmable, secure and instant transfers. In addition, DBS is the only Asian-based bank in the 12 member core design group of the digital ledger initiative of Swift.

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