DBS and Citi Clear Cross-Border Dollar Payment in Minutes Using Tokenized Deposits

DBS and Citi have successfully settled a cross-border US dollar payment using tokenized deposits on SWIFT's ledger, clearing the transfer in minutes over a weekend.

This milestone marks a significant improvement over conventional payment methods, which can take up to two business days. DBS launched its tokenized rails, called DBS Token Services, in 2024 and is part of the core design group behind SWIFT's ledger.

SWIFT's new ledger capability allows for tokenized deposits, commercial-bank money issued on a blockchain, which enables faster and more efficient cross-border payments. Seventeen banks from six continents are piloting live transactions on the ledger.