DBS and Citi Settle 24/7 Cross-Border Dollar Payment on SWIFT’s Ledger
DBS and Citi settled a US greenback cross-border fee between Singapore and New York on September 5 utilizing tokenized deposits on SWIFT’s shared ledger, clearing the switch in minutes over a weekend when a traditional fee can take as much as two enterprise days.
The banks used tokenized deposits, commercial-bank cash issued on a blockchain, with SWIFT’s ledger performing as an orchestration layer that matched and netted the obligations between the 2 establishments earlier than ultimate settlement ran by present fee rails.
“In a world digital financial system that by no means sleeps, companies want to maneuver cash extra shortly and effectively throughout borders to remain aggressive,” said Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS.
DBS Builds Out Tokenized Rails
DBS, Southeast Asia’s largest financial institution, launched DBS Token Services in 2024 and is the one Asian-headquartered financial institution within the 12-member core design group behind SWIFT’s ledger.
It additionally runs DBS Treasury Tokens, a permissioned blockchain for company treasury and liquidity administration, and has teamed with Ripple and Franklin Templeton to launch tokenized repo markets on the XRP Ledger, itemizing Franklin’s sgBENJI cash market token and Ripple’s RLUSD stablecoin on DBS Digital Exchange.
Asia’s outbound cross-border funds are projected to achieve $24 trillion by 2033, up from $13.5 trillion in 2025, in line with figures cited within the announcement, which additionally stated half of finance leaders are exploring blockchain-based instruments for liquidity and international change administration.
“This milestone with DBS on Swift’s ledger displays Citi’s dedication to constructing monetary infrastructure for our shoppers and companions that’s always-on, interoperable and match for the long run,” famous Mridula Iyer, Head of Services for Asia South at Citi.
Banks Line Up on Swift’s Ledger
The DBS-Citi fee follows the primary stay tokenized deposit switch on the community, which HSBC and Standard Chartered ran on August 19.
“With our new ledger functionality, we’re extending the belief and stability of established finance into the frontiers of digital cash,” stated Thierry Chilosi, Chief Business Officer at Swift. Seventeen banks from six continents, amongst them ANZ, BNP Paribas, MUFG, UBS and Wells Fargo, are piloting stay transactions on the ledger, which Swift introduced in September 2025 and had Consensys prototype.
Bank of America’s Mark Monaco has stated shoppers aren’t “beating down the door” for tokenized deposits, although curiosity is rising. A competing US community, The Bridge, is being built by The Clearing House with JPMorgan, Bank of America, Citigroup, and Wells Fargo for the primary half of 2027 and is open to all US banks.
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