Two major banks executed their first successful tokenized cross-border USD payment over a weekend, enabling instant settlement and unlocking 24/7 liquidity movement for global businesses.
DBS says the transaction with Citi’s New York office moved funds from Singapore to the United States and settled in minutes on September 5th, using tokenized deposits on the Swift Digital Ledger.
The capability removes constraints from time zones and weekends, giving corporate treasurers faster access to cash and greater agility in managing liquidity and foreign exchange risk.
DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping the system’s architecture.
The transaction builds on DBS Token Services, launched in 2024, which includes DBS Treasury Tokens for programmable 24/7 value transfers on its permissioned blockchain.
Says Rachel Chew, DBS’s co-head of digital assets for its Global Transaction Services,
“We are pleased to be working with Citi to demonstrate how tokenized money is moving from experimentation to real-world adoption – laying the foundations for a more connected, nimble and always-on global financial system.”
Mridula Iyer, head of services for Asia South at Citi, emphasizes the need for “always-on” payments.
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality. This work is a natural extension of our strategy in the services business to integrate our traditional cash management and securities capabilities with emerging tokenized networks and assets and deliver value to institutional clients across their local and global operating models.”
Asia’s outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double the 2025 volume of $13.5 trillion, according to DBS data.
Fifty percent of finance leaders are exploring blockchain-powered tools for liquidity and foreign exchange management.
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