Question 1

What did DBS and Citi actually do?

Accepted Answer

They completed the first US dollar payment between Singapore and the US executed over a weekend, settling it in minutes on September 5 using tokenized deposits on Swift's Digital Ledger, according to DBS.

Question 2

How is this faster than a normal cross-border payment?

Accepted Answer

Traditional cross-border USD payments can take up to two business days and stall over weekends and across time zones, whereas the tokenized transfer removed those gaps and cleared in minutes.

Question 3

How does this connect to other bank tokenization efforts?

Accepted Answer

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, targeted for the first half of 2027, while DBS launched its blockchain-based DBS Token Services and Treasury Tokens in 2024.

The Clearing House

Singapore-to-New York dollar transfer drops from two days to minutes on Swift’s tokenized ledger

One sharp brief.
Every day.

The Clearing House

Singapore-to-New York dollar transfer drops from two days to minutes on Swift’s tokenized ledger

One sharp brief.Every day.

One sharp brief.
Every day.