DBS and Citi completed a cross-border USD payment between Singapore and the US over a weekend using tokenized deposits, the companies announced Monday.
The transaction, completed on Sept. 5, was processed through the Swift Digital Ledger and settled in minutes. It demonstrated how institutions can move money outside traditional banking hours, addressing delays that can stretch cross-border payments to two business days due to time zones, weekends and bank operating hours.
The always-on capability could help companies operating across multiple markets access cash faster, improve liquidity management and respond more quickly to changing market conditions.
Demand for such infrastructure is growing as institutions expand across borders and manage greater liquidity and FX risks. DBS’ New Realities, New Possibilities report shows that half of finance leaders are exploring blockchain-powered tools, while outbound cross-border payments in Asia are expected to nearly double from $13.5 trillion in 2025 to $24 trillion by 2033.
The transaction is part of DBS’s push into tokenized money and payments. The bank has built digital asset infrastructure, including its DBS Token Services platform and Treasury Tokens, to support tokenized deposits and real-time settlement.
