DBS and Citi settled a US dollar cross-border payment between Singapore and New York on September 5 using tokenized deposits on SWIFT\u2019s shared ledger, clearing the transfer in minutes over a weekend when a conventional payment can take up to two business days.<\/p>\n
The banks used tokenized deposits, commercial-bank money issued on a blockchain, with SWIFT\u2019s ledger acting as an orchestration layer that matched and netted the obligations between the two institutions before final settlement ran through existing payment rails.<\/p>\n
\u201cIn a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive,\u201d said<\/a> Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS.<\/p>\n DBS, Southeast Asia\u2019s largest bank, launched DBS Token Services in 2024 and is the only Asian-headquartered bank in the 12-member core design group behind SWIFT\u2019s ledger.<\/p>\n It also runs DBS Treasury Tokens, a permissioned blockchain for corporate treasury and liquidity management, and has teamed with Ripple and Franklin Templeton to launch<\/a> tokenized repo markets on the XRP Ledger, listing Franklin\u2019s sgBENJI money market token and Ripple\u2019s RLUSD stablecoin on DBS Digital Exchange.<\/p>\n Asia\u2019s outbound cross-border payments are projected to reach $24 trillion by 2033, up from $13.5 trillion in 2025, according to figures cited in the announcement, which also said half of finance leaders are exploring blockchain-based tools for liquidity and foreign exchange management.<\/p>\n \u201cThis milestone with DBS on Swift\u2019s ledger reflects Citi\u2019s commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future,\u201d noted Mridula Iyer, Head of Services for Asia South at Citi.<\/p>\n The DBS-Citi payment follows<\/a> the first live tokenized deposit transfer on the network, which HSBC and Standard Chartered ran on August 19.<\/p>\n \u201cWith our new ledger capability, we\u2019re extending the trust and stability of established finance into the frontiers of digital money,\u201d said Thierry Chilosi, Chief Business Officer at Swift. Seventeen banks from six continents, among them ANZ, BNP Paribas, MUFG, UBS and Wells Fargo, are piloting live transactions on the ledger, which Swift announced in September 2025 and had Consensys prototype.<\/p>\n Bank of America\u2019s Mark Monaco has said clients are not \u201cbeating down the door\u201d for tokenized deposits, though interest is growing. A competing US network, The Bridge, is being built<\/a> by The Clearing House with JPMorgan, Bank of America, Citigroup, and Wells Fargo for the first half of 2027 and is open to all US banks.<\/p>\n The post DBS and Citi Settle 24\/7 Cross-Border Dollar Payment on SWIFT\u2019s Ledger<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" DBS and Citi settled a US dollar cross-border payment between Singapore and New York on September 5 using tokenized deposits on SWIFT\u2019s shared ledger, clearing the transfer in minutes over a weekend when a conventional payment can take up to two business days. The banks used tokenized deposits, commercial-bank money issued on a blockchain, with […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-224790","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/224790"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=224790"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/224790\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=224790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=224790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=224790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}DBS Builds Out Tokenized Rails<\/h2>\n
Banks Line Up on Swift\u2019s Ledger<\/h2>\n