Citi, DBS Achieve Instant Tokenized Payment Between Singapore and New York

Citi and DBS have successfully completed a tokenized U.S. dollar payment between Singapore and New York, processing the transaction within minutes through Swift's blockchain-based ledger.

The weekend transaction, which took place on September 5, used Swift's Digital Ledger to coordinate tokenized bank deposits while final settlement still relied on established financial infrastructure systems.

This achievement follows a pilot program announced in July by Swift, where 17 banks from six continents participated in the initial live transaction.