Citi and DBS Complete First Weekend Cross-Border Payment Using Tokenized Deposits

Singapore’s DBS and US based Citi successfully the first weekend cross border payment between Singapore and the United States using tokenized deposits, settling the transaction over Swift’s blockchain-based ledger. The move allowed both banks to sidestep the usual limitations of weekday banking hours, with the deposit finalized within minutes rather than the one to two business days typically required for standard cross border transfers.

Part of a Broader Industry Shift

This transaction adds to a growing list of banks testing blockchain-based settlement while keeping funds within regulated banking channels. Standard Chartered and HSBC had already carried out a similar tokenized transaction on Swift’s ledger the previous month. Swift itself confirmed in July that its blockchain infrastructure was ready for early use, announcing plans to run a pilot program involving 17 major financial institutions, including Citi, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered.

Banks Pursue Parallel Tokenization Efforts

Citi is also involved in a separate initiative alongside other major US banks to launch a tokenized deposit network through The Clearing House, expected to go live in the first half of 2027. Meanwhile, DBS previously partnered with JPMorgan in late 2025 to build a shared tokenization framework aimed at enabling smoother transfers between different banks’ deposit token systems, an effort seen as a step toward setting a broader industry standard for digital settlement.