DBS and Citi achieve instant weekend USD payment

DBS and Citi completed the first instant weekend USD payment using tokenized deposits on Swift’s blockchain, settling in minutes and advancing global banking.

DBS and Citi have successfully completed the first weekend cross-border USD payment between Singapore and the United States using tokenized deposits on Swift’s blockchain-based digital ledger. This transaction, executed on September 5, settled within minutes, bypassing the usual two-business-day wait caused by banking hours and time zone differences. Tokenized deposits are digital representations of money held at issuing banks, operating within current regulatory frameworks. They enable instant value transfers without funds leaving the banks’ balance sheets, allowing real-time deployment of funds—even on weekends. This innovation is a significant advancement for industries that require 24/7 transactions, such as e-commerce. The successful pilot could accelerate the adoption of blockchain-based settlement solutions among major banks, improving efficiency and financial inclusion for businesses operating across high-volume corridors like Asia and the US.