DBS and Citigroup completed on September 5, 2026 the first weekend cross-border USD payment, settling a Singapore-to-US transfer in minutes instead of the usual two business days. The transaction was made possible by converting traditional deposits into tokenized representations on Swift’s blockchain ledger, allowing value to move between institutions without the conventional correspondent banking chain. Both banks used their respective token services platforms, with Citi Token Services already processing approximately $1 billion in transactions weekly. The settlement is part of Swift’s pilot program launched in July 2026, involving 17 banks testing 24/7 tokenized deposit payments, including ANZ, BNP Paribas, HSBC, and UBS alongside DBS as the only Asian bank in Swift’s core design group.
Source: Read the original article
