Citi and DBS Execute First Weekend Tokenized Cross‑Border Deposit via SWIFT Digital Ledger

Citi and Singapore‑based DBS Bank successfully performed their first tokenized cross‑border deposit on Saturday, moving funds between Singapore and the United States using the SWIFT Digital Ledger.

Speed and Efficiency

The transaction was settled in minutes, which DBS described as a “significant improvement” compared with the typical two‑business‑day timeline for conventional cross‑border payments.

Use of SWIFT’s Blockchain Ledger

Both banks leveraged tokenized deposits on SWIFT’s blockchain‑based ledger to bypass the constraints of traditional banking hours, keeping the funds within established banking channels.

Industry Context

• Standard Chartered and HSBC completed the first tokenized cross‑border transaction on the SWIFT ledger in August.
• In July, SWIFT announced that its blockchain ledger was ready for initial use and that 17 major banks—including Citi, DBS, HSBC, BNP Paribas, UBS, ANZ and Standard Chartered—were slated to pilot tokenized cross‑border payments.
• Citi is also part of a group of large U.S. banks planning a separate tokenized deposit network, expected in the first half of 2027, to be operated by The Clearing House.
• In November 2025, DBS and JPMorgan disclosed plans to develop a blockchain‑based tokenization framework for on‑chain transfers between their deposit‑token ecosystems.