Citi and DBS Complete Tokenized Cross-Border Payment

DBS and Citi have successfully executed what they describe as the first tokenized cross-border payment between Singapore and the United States. The transaction, which was completed using tokenized deposits routed through Swift's Digital Ledger, settled within minutes.

This marks a significant improvement over traditional cross-border banking workflows, which often take up to two business days to settle. DBS emphasized that the deposit was finalized in minutes, framing it as a notable improvement over industry norms.

The success of this transaction highlights how major banks are experimenting with blockchain-based messaging and settlement infrastructure while keeping deposits within regulated banking channels.