Singapore-to-New York dollar transfer drops from two days to minutes on Swift’s tokenized ledger
- DBS and Citi completed the first weekend USD payment between Singapore and New York, settling in minutes instead of up to two business days.
- The payment used tokenized deposits over Swift’s Digital Ledger, aimed at e-commerce firms, digital-services companies, and corporate treasurers.
- Citi is building a separate tokenized deposit network with other US banks, targeted for the first half of 2027.
DBS and Citi remitted US dollars from Singapore to New York over a weekend for the first time.
The banks said Monday the transaction was settled in minutes on tokenized deposits over Swift’s Digital Ledger, a process that normally takes up to two business days.
DBS projects Asia payments to hit $24 trillion by 2033
The payment was effected Saturday, September 5. DBS said Citi’s New York office handled its side.
A tokenized deposit is not a separate crypto asset but a claim to an actual bank deposit recorded on a blockchain. Swift’s Digital Ledger routed that claim, moving the money without waiting for the next business day.
The transfer takes minutes, compared with an industry norm of up to two business days, erasing the usual delays caused by time zones and weekends, said DBS.
DBS and Citi are marketing the ability to companies that never really close: e-commerce companies, digital-services companies, and the corporate treasurers that manage their cash.
It’s targeted at institutions operating across jurisdictions where faster settlement means suppliers and customers get quicker access to funds.
“Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality,” said Mridula Iyer, Citi’s head of services for its Asia South cluster.
Rachel Chew, DBS Group Chief Operating Officer and Co-Head of Digital Assets, described the deal as tokenized money advancing “from experimentation to real-world adoption.”
DBS said the move was spurred by demand. It cited its own report that said half of finance leaders are eyeing blockchain tools for liquidity and currency-risk management.
The report projects outbound cross-border payments from Asia to reach $24 trillion by 2033, about twice the $13.5 trillion seen in 2025.
The Clearing House network targets a 2027 launch
Citi participated in a Swift pilot in July for 24/7 cross-border payments with tokenized deposits. It recently became the first U.S. bank to process live transactions on Swift’s ledger, in collaboration with First Abu Dhabi Bank and Oversea-Chinese Banking Corporation.
Citi is also one of the large U.S. banks constructing a common tokenized deposit network via The Clearing House. Cryptopolitan reported the project is aiming for a launch in the first half of 2027 as stablecoins gain traction and the regulated banking system looks to keep corporate money inside of it.
DBS has its own infrastructure as well. In 2024, the bank rolled out its suite of blockchain banking offerings, including DBS Treasury Tokens for liquidity management.
DBS is the only Asian-headquartered member of the 12-bank group designing Swift’s digital ledger.
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FAQs
What did DBS and Citi actually do?
They completed the first USD payment between Singapore and the US, settling it in minutes via tokenized deposits on Swift's Digital Ledger.
How is this faster than a normal cross-border payment?
Traditional cross-border USD payments can take up to two business days and stall over weekends and across time zones, whereas tokenized transfers clear in minutes.
How does this connect to other bank tokenization efforts?
Citi joined a Swift tokenized-deposit pilot in July and is part of a group of major US banks planning a tokenized deposit network through The Clearing House, while DBS launched its blockchain-based DBS Token Services and Treasury Tokens in 2024.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
