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DBS and Citi settle weekend USD transfer in minutes on Swift ledger

The banks completed a Sept. 5 cross-border payment using tokenized deposits on Swift’s Digital Ledger, settling in minutes instead of up to two business days and aiming to reduce weekend delays.

Reported · Written up by our desk · Market Structure

DBS and Citi completed their first cross-border dollar payment over the weekend using tokenized deposits on Swift’s Digital Ledger, settling in minutes rather than the usual timeline of up to two business days, CoinDesk reported.

The transaction was executed on Sept. 5 between DBS in Singapore and Citi’s New York office and marked the second confirmed live use of Swift’s blockchain ledger. Swift launched the ledger in July with 17 banks.

CoinDesk said the weekend tests come as Swift’s network, which uses messaging rather than settlement, faces pressure from payment systems that run around the clock, including stablecoins and tokenized deposits.

The report also cited DBS expectations that Asia’s outbound cross-border payments could reach $24 trillion by 2033, up from $13.5 trillion in 2025, underscoring the stakes of cutting costly weekend delays for liquidity management and supplier payments.

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