DBS Bank and Citigroup successfully executed the first cross-border USD payment during a weekend using tokenized deposits. The transaction, which took place on September 5, 2026, was processed via a blockchain-based ledger developed by Swift, settling in minutes instead of the standard two business days.
The banks converted traditional deposits into tokenized assets that remain on their respective balance sheets. This approach operates within existing regulatory frameworks, distinguishing these assets from stablecoins. The initiative aims to provide corporate treasurers with real-time liquidity management, bypassing traditional batch processing schedules.
This pilot is part of a broader proof-of-concept phase initiated by Swift in July 2026, involving 17 global banks. Participants testing the 24/7 payment solution include ANZ, BNP Paribas, HSBC, and UBS. DBS is currently the only Asian bank represented in Swift's core design group for this ledger.
Citi Token Services currently processes approximately $1 billion in weekly transactions and supports over 300 global bank clients. DBS introduced its own Token Services platform in 2024. Swift intends to integrate this blockchain layer to enhance the speed of the existing correspondent banking network rather than replacing it.
