DBS and Citi remitted US dollars from Singapore to New York over a weekend for the first time.
The banks said Monday the transaction was settled in minutes on tokenized deposits over Swift’s Digital Ledger, a process that normally takes up to two business days.
DBS projects Asia payments to hit $24 trillion by 2033
The payment was effected Saturday, September 5. DBS said Citi’s New York office handled its side.
A tokenized deposit is not a separate crypto asset but a claim to an actual bank deposit recorded on a blockchain. Swift’s Digital Ledger routed that claim, moving the money without waiting for the next business day.
The transfer takes minutes, compared with an industry norm of up to two business days, erasing the usual delays caused by time zones and weekends, said DBS.
DBS and Citi are marketing the ability to companies that never really close: e-commerce companies, digital-services companies, and the corporate treasurers that manage their cash.
It’s targeted at institutions operating across jurisdictions where faster settlement means suppliers and customers get quicker access to funds.
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality,” said Mridula Iyer, Citi’s head of services for its Asia South cluster.
Rachel Chew, DBS Group Chief Operating Officer and Co-Head of Digital Assets, described the deal as tokenized money advancing “from experimentation to real-world adoption.”
DBS said the move was spurred by demand. It cited its own report that said half of finance leaders are eyeing blockchain tools for liquidity and currency-risk management.
The report projects outbound cross-border payments from Asia to reach $24 trillion by 2033, about twice the $13.5 trillion seen in 2025.
The Clearing House network targets a 2027 launch
Citi participated in a Swift pilot in July for 24/7 cross-border payments with tokenized deposits. It recently became the first U.S. bank to process live transactions on Swift’s ledger, in collaboration with First Abu Dhabi Bank and Oversea-Chinese Banking Corporation.
Citi is also one of the large U.S. banks constructing a common tokenized deposit network via The Clearing House. Cryptopolitan reported the project is aiming for a launch in the first half of 2027 as stablecoins gain traction and the regulated banking system looks to keep corporate money inside of it.
DBS has its own infrastructure as well. In 2024, the bank rolled out its suite of blockchain banking offerings, including DBS Treasury Tokens for liquidity management.
DBS is the only Asian-headquartered member of the 12-bank group designing Swift’s digital ledger.
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