Tokenised deposits are now enabling instant cross-border payments, signalling the next phase of tokenisation’s adoption in global banking.
Companies conducting US dollar transactions across multiple markets and time zones can now make instant cross-border payments without being limited by traditional banking hours. This capability was demonstrated through the first successful weekend US dollar payment between Singapore and the United States, marking a new milestone for always-on cross-border settlement. The transaction, completed by DBS and Citi’s New York office on 5 September 2026, was executed using tokenised deposits via the Swift Digital Ledger.
In a statement, DBS said the transaction took minutes to complete, marking a significant improvement from the industry norm of up to two business days for cross-border payments, as companies no longer lose days to time zone and weekend gaps.
For businesses operating in always-on, borderless sectors such as e-commerce and digital services, this enables faster, more reliable access to funds for both suppliers and customers. It also gives corporate treasurers greater agility to manage liquidity, allowing them to move funds seamlessly across entities and markets in real time as market conditions evolve.
“In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive. Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients. We are pleased to be working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption – laying the foundations for a more connected, nimble and always-on global financial system,” said Rachel Chew, Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, DBS.
Mridula Iyer, Head of Services for Asia South, Citi, said “This milestone with DBS on Swift’s ledger reflects Citi’s commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future. 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 tokenised networks and assets and deliver value to institutional clients across their local and global operating models.”
The transaction builds on DBS’ expertise in tokenised money and payments as the bank continues to expand its complete suite of digital asset solutions. In 2024, the bank launched DBS Token Services, its suite of blockchain-powered banking services that enables 24/7, programmable, secure and instantaneous value transfers. This includes DBS Treasury Tokens, the bank’s treasury and liquidity management solution powered by its permissioned blockchain. In addition, DBS is the only Asian-headquartered bank in the Swift digital ledger core design group of 12 banks shaping its architecture.
