DBS and Citi Complete Weekend Cross-Border Payment Using Tokenized Deposits

DBS and Citi have completed a cross-border USD payment between Singapore and New York over the weekend, using tokenized deposits on the Swift Digital Ledger. This transaction settled in minutes, beating the usual two business day timeframe for such payments.

The banks said this move reflects their efforts to modernize cross-border rails, with half of finance leaders exploring blockchain-powered capabilities for liquidity and foreign-exchange management. Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double 2025 volumes.

This achievement is part of a broader strategy by banks to integrate traditional cash management with tokenized networks. DBS has been at the forefront of this effort, launching its DBS Token Services in 2024 and becoming the only Asian-headquartered institution in the Swift digital ledger core design group of 12 banks shaping its architecture.