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BackDBS and Citi Complete First Tokenized Cross-Border Payment Between Singapore and US
DBS and Citi Complete First Tokenized Cross-Border Payment Between Singapore and US
NEWS
Cointelegraph48 minutes agoBusiness1 min read

DBS and Citi Complete First Tokenized Cross-Border Payment Between Singapore and US

dbscitiswift

Quick Look

  • DBS and Citi have successfully executed the first tokenized cross-border payment between Singapore and the US using Swift's blockchain ledger.
  • The transaction was completed in minutes, bypassing traditional banking hour constraints.

AI-generated summary

Why It Matters

Swift is piloting tokenized cross-border payments with 17 major banks. Citi is also planning a separate tokenized deposit network for 2027.

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Singapore-based financial services group DBS and American financial services giant Citi completed the first weekend tokenized cross-border payment between Singapore and the US on Saturday.

The two companies executed the transaction using tokenized deposits via the Swift Digital Ledger to bypass the constraints of traditional banking hours, DBS announced on Monday.

The deposit was finalized in minutes, which DBS called a “significant improvement” from the industry norm of as long as two business days for traditional cross-border transfers.

The transaction demonstrates how traditional banks are exploring blockchain rails for more efficient cross-border transactions while aiming to keep deposits inside banking channels. Standard Chartered and HSBC were the first to complete a tokenized cross-border transaction on Swift’s blockchain ledger in August.

In July, Swift, the world’s largest financial messaging network, said that its blockchain-based ledger was ready for initial use and that it was preparing to pilot tokenized cross-border payments with 17 major banks, including Citi and DBS, as well as HSBC, BNP Paribas, UBS, ANZ and Standard Chartered.

Citi is also one of a group of the largest US banks that plan to launch a separate tokenized deposit network in the first half of 2027 operated by The Clearing House, David Watson, CEO of the bank-owned payments operator, told The Wall Street Journal in June.

In November 2025, DBS and JPMorgan revealed plans to develop a blockchain-based tokenization framework to enable onchain transfers between their deposit token ecosystems, aiming to set an industry standard for cross-bank payments.

Open Questions

  • When will this service be available to retail customers?
  • What are the specific regulatory hurdles for future scaling?

Related Topics

dbs
PeopleDavid Watson
OrganizationsDBSCitiSwiftStandard Chartered
PlacesSingaporeUS
Topicscitiswiftblockchaintokenized depositscross-border payments
This article was originally published by Cointelegraph.

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