Citi and DBS Bank Enable Instant Cross-Border USD Payments with Tokenized Deposits

Citi and DBS Bank have partnered to enable instant cross-border USD payments using tokenized deposits. This innovation, which uses Swift's digital ledger, has completed its first successful weekend payment between Singapore and the United States.

The transaction took minutes to complete, a significant improvement over the industry norm of up to two business days. DBS Bank and Citi executed the transaction on September 5 using tokenized deposits via the Swift Digital Ledger, providing companies with faster access to cash for suppliers and customers in industries like e-commerce and digital services.

This development is part of a growing trend in Asia, where outbound cross-border payments are projected to reach $24 trillion by 2033. DBS cited a survey finding that 50% of finance leaders are already exploring blockchain-powered capabilities to manage liquidity and foreign exchange (FX) risk.