DBS and Citi Tokenize Cross-Border Payment Over Weekend
DBS and Citi have successfully executed their first tokenized USD cross-border payment over a weekend, paving the way for instant settlement and 24/7 liquidity movement. The transaction, which took place on September 5th, moved funds from Singapore to the United States in minutes using tokenized deposits on the Swift Digital Ledger.
DBS, as the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks, has been working towards this milestone. The capability removes constraints related to time zones and weekends, giving corporate treasurers faster access to cash and greater agility in managing liquidity and foreign exchange risk.
This achievement builds on DBS Token Services, launched in 2024, which includes DBS Treasury Tokens for programmable 24/7 value transfers on its permissioned blockchain. According to DBS data, Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double the 2025 volume of $13.5 trillion.