DBS and Citi Use Tokenized Deposits for Instant 24/7 Cross-Border USD Payments

Highlights:

• DBS and Citi completed an instant weekend USD payment between Singapore and New York using tokenized deposits.
• Swift Digital Ledger allowed the banks to settle the cross-border payment within minutes outside normal banking hours.
• DBS says tokenized payments could help businesses move funds and manage liquidity across markets at any time.

DBS and Citi have completed an instant cross-border U.S. dollar payment using tokenized deposits. The transaction shows how banks can move money between countries even outside normal banking hours.

DBS announced the development on September 7. The two banks completed the payment on September 5, between Singapore and Citi’s New York office. They processed the transaction over a weekend through the Swift Digital Ledger. According to DBS, the payment marked the first successful USD transaction of its kind between Singapore and the United States during a weekend.

DBS and Citi Complete First Weekend Cross-Border USD Payment Using Tokenized Deposits on Swift Ledger

DBS and Citi completed a cross-border USD payment between Singapore and the U.S. over the weekend using tokenized deposits via Swift’s blockchain-based Digital Ledger. The… pic.twitter.com/8kiPvb6UZe

— Wu Blockchain (@WuBlockchain) September 7, 2026

DBS and Citi Complete Payment Within Minutes

DBS and Citi completed the payment within minutes. Traditional cross-border payments can sometimes take up to two business days. Weekends, banking hours, time zones, and settlement processes can slow these transfers. The new system allows banks to move tokenized deposits through Swift’s digital ledger. Businesses can therefore send and receive money without waiting for the next working day.

The system could help companies that operate across several countries. E-commerce firms, digital service providers, and multinational companies often need to move funds at different times of the day. Faster payments could also help companies manage cash more efficiently. Businesses can move funds between offices or subsidiaries when needed instead of waiting for normal banking hours.

Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets at DBS Global Transaction Services, said:

“In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.”

Chew also said Swift’s Digital Ledger can connect existing banking systems with newer digital financial networks.

Banks Continue Expanding Tokenized Payments

Citi also sees the transaction as another step toward always-on cross-border payments. Mridula Iyer, Citi’s Head of Services for Asia South, said the bank is working to connect its traditional cash management and securities services with tokenized networks and digital assets. Large companies are also showing more interest in blockchain-based financial tools. DBS said 50% of finance leaders in its New Realities, New Possibilities report are exploring blockchain-powered tools for liquidity and foreign exchange management.

Cross-border payments in Asia are also expected to grow in the coming years. DBS cited estimates showing that outbound payments from Asia could reach $24 trillion by 2033. That would be up from around $13.5 trillion in 2025. As payment volumes increase, banks are looking for faster ways to move money across markets.

DBS Expands Its Tokenized Banking Services

DBS has also been expanding its tokenized banking services. In 2024, the bank launched DBS Token Services. The platform supports secure and near-instant transfers at any time of the day. The service also includes DBS Treasury Tokens. These tokens help companies manage treasury operations and liquidity through the bank’s permissioned blockchain network.

DBS also takes part in Swift’s digital ledger core design group. The group includes 12 financial institutions and is helping shape the structure of Swift’s digital ledger. The DBS and Citi transaction gives another real-world example of banks using tokenization for financial payments. Banks are no longer limiting blockchain use to trials. They are now testing how the technology can improve regular payment services and reduce delays.