DBS and Citibank successfully completed a cross-border US dollar payment between Singapore and New York on September 5 using tokenized deposits on SWIFT's shared ledger, settling the transaction in minutes over a weekend when traditional payments can take up to two business days.
The banks used tokenized deposits—commercial-bank money issued on a blockchain—with SWIFT's ledger serving as an orchestration layer to match and net obligations between the two institutions before final settlement through existing payment rails.
DBS, Southeast Asia's largest bank, launched DBS Token Services in 2024 and is the only Asian-headquartered bank among the 12-member core design group behind SWIFT's ledger. The bank also operates DBS Treasury Tokens, a permissioned blockchain for corporate treasury and liquidity management, and has partnered with Ripple and Franklin Templeton to launch tokenized repo markets on the XRP Ledger.
The transaction follows the first live tokenized deposit transfer on the network, which HSBC and Standard Chartered conducted on August 19. Seventeen banks from six continents—including ANZ, BNP Paribas, MUFG, UBS, and Wells Fargo—are piloting live transactions on SWIFT's ledger, which the organization announced in September 2025 with Consensys providing prototyping support.
According to figures cited in the announcement, Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, up from $13.5 trillion in 2025. The announcement also noted that half of finance leaders are exploring blockchain-based tools for liquidity and foreign exchange management.
A competing network called The Bridge is being developed by The Clearing House with JPMorgan, Bank of America, Citigroup, and Wells Fargo, with launch expected in the first half of 2027 and open to all US banks.
