DBS and Citi complete first weekend tokenized cross-border deposit on Swift platform
Singapore-based financial services group DBS and US giant Citi successfully executed the first weekend tokenized cross-border deposit between Singapore and the US. Using the Swift Digital Ledger, the transaction was finalized within minutes, marking a substantial efficiency improvement over the conventional process that can take up to two business days. This development highlights how major banks are exploring blockchain solutions to enhance cross-border payment efficiency while keeping funds within regulated banking channels.
Details of the transaction and technology
DBS and Citi executed their cross-border deposit transaction using tokenized deposits on the Swift Digital Ledger platform. This approach bypasses traditional banking hours limitations, enabling the first such weekend transaction between Singapore and the US, thereby enhancing flexibility in financial operations.
DBS highlighted that the transaction was finalized in minutes, a significant reduction compared to the standard two-business-day timeframe typical for conventional cross-border transfers.
Industry context and broader plans
The DBS and Citi initiative reflects a broader industry trend of major banks adopting blockchain technology for cross-border transactions while maintaining operations within regulated banking channels. Earlier, Standard Chartered and HSBC completed the first tokenized cross-border transaction on Swift’s blockchain in August.
In July, Swift announced that its blockchain-based ledger was ready for initial use and was preparing pilot projects involving 17 major banks, including Citi, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered, focused on tokenized cross-border payments.
Future initiatives and industry standards
Citi is among the largest US banks planning to launch a separate tokenized deposit network operated by The Clearing House in the first half of 2027, according to CEO David Watson.
Furthermore, in November 2025, DBS and JPMorgan revealed plans to develop a blockchain-based tokenization framework to facilitate on-chain transfers between their deposit token ecosystems, aiming to establish an industry standard for cross-bank payments.
Why it matters
This news is significant as it highlights the advancement of traditional banks in deploying blockchain technologies to improve the efficiency of international payments. Successfully completing the first weekend tokenized cross-border transaction reduces processing times from days to minutes, lowering operational risks and costs. Furthermore, it confirms that major market players like DBS and Citi are actively exploring and adopting innovative solutions that could become the future standard for cross-border banking operations.
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