(10 September 2026 – Singapore) DBS and Citi have successfully executed cross border payments across different time zones using tokenized deposits.
The global bank majors have transferred US Dollars (USD) from Singapore to New York on a Saturday, demonstrating the untapped potential of tokenized deposits on the SWIFT Digital Ledger. This is the second live transaction on SWIFT’s ledger after HSBC and Standard Chartered executed a blockchain interoperable tokenized deposit transaction in August. Citi reports that UOB is next.
“This emphasises the evolving financial landscape driven by digital assets, paving the way for a digital economy that never sleeps. Hence, businesses must adopt and integrate solutions that enable quick, efficient movement of money anywhere in the world to stay competitive” commented DBS Group Chief Operating Officer and Co-Head of Digital Assets and Global Transaction Services, Rachel Chew.
“We are pleased to be working with Citi to demonstrate how tokenized money is moving from experimentation to real-world adoption—laying the foundations for a more connected, nimble and always-on global financial system.”