DBS and Citi Execute Weekend USD Transfer on Swift’s Digital Ledger

DBS and Citi successfully processed a United States dollar payment over the weekend using Swift’s Digital Ledger, a blockchain‑based settlement layer that leverages tokenized deposits.

Significance of the Transaction

The payment represents the second confirmed live use of Swift’s Digital Ledger, highlighting the network’s effort to demonstrate viability against continuously operating digital payment infrastructures.

How the Transfer Worked

Both banks utilized tokenized USD deposits on the ledger, enabling a near‑real‑time settlement without relying on traditional correspondent banking channels.

Implications for the Payments Landscape

By showcasing a functional cross‑border transaction on a blockchain platform, Swift aims to position its Digital Ledger as a competitive alternative to existing digital rails that operate 24/7.