Citi and DBS executed a cross-border payment between Singapore and the US on Saturday, utilizing tokenized deposits via the Swift Digital Ledger. This method allowed the banks to bypass traditional banking hours and complete the transaction in minutes.
The process marks a shift from the industry standard, where traditional cross-border transfers typically take up to two business days. This transaction follows a similar move by Standard Chartered and HSBC, who completed a tokenized cross-border transfer on the same ledger in August.
Swift is currently preparing to pilot tokenized cross-border payments with 17 major banks. This group includes Citi, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered. The network's blockchain-based ledger was declared ready for initial use in July.
Citi is part of a group of large US banks planning to launch a separate tokenized deposit network in the first half of 2027. This network will be operated by The Clearing House. Additionally, DBS and JPMorgan announced in November 2025 a plan to develop a blockchain-based tokenization framework for onchain transfers between their ecosystems.
