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

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On-chain news emerged as DBS Bank and Citibank’s New York Branch completed the first weekend USD cross-border payment between Singapore and the U.S. using tokenized deposits via the Swift Digital Ledger. The transaction took just minutes, compared to up to two business days traditionally. The test aims to enable 24/7 fund transfers to support cross-border e-commerce and digital services. Citibank joined Swift’s 24/7 pilot in July and plans to build a U.S. network for tokenized deposits. DBS launched a blockchain-based system in 2024, including DBS Treasury Tokens for liquidity. New token listings continue to drive innovation in cross-border finance.

Huoxing Finance reports that on September 5, DBS Bank of Singapore and Citibank’s New York branch completed the first weekend U.S. dollar payment between Singapore and the United States using Swift’s Digital Ledger, settling via tokenized deposits. DBS stated that the transaction took only minutes, whereas traditional cross-border U.S. dollar payments typically require up to two business days. This trial aims to overcome limitations of traditional banking hours, weekends, and time zones, enabling round-the-clock cross-border fund transfers, with potential applications including cross-border e-commerce and digital services. Citibank joined Swift’s 24/7 cross-border payment pilot based on tokenized deposits in July this year and plans to participate in building the U.S. tokenized deposit network. DBS launched its blockchain-based banking system in 2024, including DBS Treasury Tokens for liquidity management.

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