DBS and Citi Execute First Weekend Tokenized USD Cross-Border Payment on Swift Ledger

Two major banks executed their first successful tokenized cross-border USD payment over a weekend, enabling instant settlement and unlocking 24/7 liquidity movement for global businesses.

DBS says the transaction with Citi’s New York office moved funds from Singapore to the United States and settled in minutes on September 5th, using tokenized deposits on the Swift Digital Ledger.

The capability removes constraints from time zones and weekends, giving corporate treasurers faster access to cash and greater agility in managing liquidity and foreign exchange risk.

DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping the system’s architecture.

The transaction builds on DBS Token Services, launched in 2024, which includes DBS Treasury Tokens for programmable 24/7 value transfers on its permissioned blockchain.

Says Rachel Chew, DBS’s co-head of digital assets for its Global Transaction Services,

“We are pleased to be working with Citi to demonstrate how tokenized money is moving from experimentation to real-world adoption – laying the foundations for a more connected, nimble and always-on global financial system.”

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