On Monday, DBS and Citi announced the successful execution of the inaugural weekend U.S. dollar transaction linking Singapore and the United States through tokenized deposits leveraging Swift’s Digital Ledger.
DBS reported that the transfer, processed on September 5 by DBS and Citi’s New York office, finished within minutes, contrasting sharply with the maximum two-business-day timeline typical of conventional international transfers.
The announcement noted that the transfer eliminates time-zone gaps and weekend interruptions that typically delay USD transactions, granting institutions the ability to transfer capital outside standard operating hours. This functionality targets businesses functioning across multiple regions, such as digital service providers and e-commerce enterprises.
Rachel Chew, Group Chief Operating Officer at DBS, stated that they are happy to partner with Citi to showcase the transition of tokenized currency from trials to practical implementation, establishing the groundwork for an interconnected, agile, and continuous global financial network.
In July, Citi participated in a Swift trial regarding 24/7 cross-border payments supported by tokenized deposits, noting that its tokenized deposit features facilitate nearly immediate transfers throughout chosen markets.
Furthermore, the institution belongs to a coalition of major U.S. banks organizing a tokenized deposit ecosystem via The Clearing House, aiming for a rollout in the initial six months of 2027.
Concurrently, DBS introduced a financial services platform driven by blockchain in 2024, featuring DBS Treasury Tokens designed for treasury oversight. The financial institution remains the sole Asia-based participant in the core design committee for Swift’s 12-bank digital ledger.
Originally published at https://www.theblock.co/news/business/2026-09-07-dbs-citi-say-they-completed-first-weekend-usd-payment-between-singapore-and-us-via-tokenized-deposits-413689.
