DBS and Citi complete first weekend USD payment between Singapore and US using tokenized deposits

Weekend USD transfer completed

DBS and Citi announced that they settled a United States dollar (USD) payment from Singapore to the United States on a weekend using tokenized deposits on Swift’s Digital Ledger. The transaction was completed on September 5 and took only a few minutes.

Key facts

• Payment used tokenized deposits, a digital representation of fiat money on a blockchain‑like ledger.
• Settlement time was minutes, versus up to two business days for traditional cross‑border transfers.
• The move removes weekend and time‑zone delays that usually slow USD payments.
• Target users are companies that operate across borders, such as e‑commerce and digital‑service firms.

DBS statement

Rachel Chew, Group Chief Operating Officer at DBS, said the banks are “demonstrating 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.”

Citi and Swift pilot

Citi joined a Swift pilot in July that tests 24/7 cross‑border payments using tokenized deposits. The bank says its tokenized‑deposit capability can move money near‑instantly across selected markets.

What is confirmed

• The weekend USD payment between Singapore and the United States was completed on September 5.
• The transaction used Swift’s Digital Ledger and tokenized deposits.
• Settlement took minutes, not days.
• Both banks issued statements confirming the event.

Remaining questions

• Widespread adoption of tokenized deposits depends on additional banks joining the network.
• The broader tokenized‑deposit network being planned with The Clearing House is slated for launch in the first half of 2027, but exact timelines are not detailed.

Why it matters

By eliminating weekend and time‑zone delays, tokenized deposits can let businesses move money whenever they need it, improving cash flow for cross‑border operations.

Next steps

DBS is part of a group of major U.S. banks developing a tokenized‑deposit network through The Clearing House, with a target launch in early 2027. The banks plan to expand the use of Swift’s Digital Ledger to more markets.

Sources

• The Block