DBS and Citibank Complete First Weekend Cross-Border USD Payment via Tokenized Deposits

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On-chain news emerged as DBS and Citibank executed the first weekend cross-border USD payment between Singapore and the U.S. using tokenized deposits on the SWIFT digital ledger. The transaction, completed in minutes, outperformed traditional methods that can take up to two business days. DBS stated that the deal utilized its 2024-launched DBS Token Services, enabling 24/7, programmable, and instant fund transfers. Digital asset news underscores the growing role of tokenization in real-time global finance.

ME News reports that on September 7 (UTC+8), according to DBS Bank’s official website, DBS Bank and Citibank have successfully executed a cross-border U.S. dollar payment between Singapore and the United States using tokenized deposit technology on the SWIFT digital ledger. The transaction, completed on September 5 by DBS and Citibank’s New York office, marks their first cross-border U.S. dollar payment executed over a weekend. The entire transaction took only minutes—significantly faster than the industry norm of up to two business days—eliminating delays caused by time zone differences or weekend market closures. DBS stated that this collaboration builds on its DBS Token Services, launched in 2024, a suite enabling 24/7, programmable, secure, and instant fund transfers, including DBS Treasury Tokens powered by the DBS licensed blockchain. (Source: Foresight News)

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