Singapore-based monetary providers group DBS and American monetary providers large Citi accomplished the primary weekend tokenized cross-border fee between Singapore and the US on Saturday.
The 2 firms executed the transaction utilizing tokenized deposits through the Swift Digital Ledger to bypass the constraints of conventional banking hours, DBS introduced on Monday.
The deposit was finalized in minutes, which DBS referred to as a “important enchancment” from the business norm of so long as two enterprise days for conventional cross-border transfers.
The transaction demonstrates how conventional banks are exploring blockchain rails for extra environment friendly cross-border transactions whereas aiming to maintain deposits inside banking channels. Customary Chartered and HSBC have been the primary to finish a tokenized cross-border transaction on Swift’s blockchain ledger in August.
In July, Swift, the world’s largest monetary messaging community, stated that its blockchain-based ledger was prepared for preliminary use and that it was getting ready to pilot tokenized cross-border funds with 17 main banks, together with Citi and DBS, in addition to HSBC, BNP Paribas, UBS, ANZ and Customary Chartered.
Citi can also be considered one of a bunch of the biggest US banks that plan to launch a separate tokenized deposit community within the first half of 2027 operated by The Clearing Home, David Watson, CEO of the bank-owned funds operator, advised The Wall Road Journal in June.
In November 2025, DBS and JPMorgan revealed plans to develop a blockchain-based tokenization framework to allow onchain transfers between their deposit token ecosystems, aiming to set an business normal for cross-bank funds.
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