DBS and Citi Complete Weekend Cross-Border Dollar Payment on Swift's Blockchain Ledger
DBS and Citi completed a US dollar cross-border payment between Singapore and New York on Sept. 5 using tokenized deposits on Swift's blockchain ledger, clearing the transfer in minutes over a weekend.
Why it matters
The test demonstrates that tokenized-deposit transfers can operate outside standard banking hours, opening the possibility of 24/7 cross-border liquidity for corporate treasurers. Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, up from $13.5 trillion in 2025, giving the corridor strategic importance for Swift and participating banks.
Key facts
DBS and Citi completed a US dollar cross-border payment between Singapore and New York on September 5 using tokenized deposits on Swift's blockchain-based Digital Ledger.
Reported by The Defiant
The transfer cleared in minutes.
Reported by The Defiant
This was the second confirmed live use of Swift's blockchain ledger, following HSBC and Standard Chartered's first live cross-border transfer in August.
Reported by The Defiant
Swift's ledger acts as an orchestration layer that matched and netted obligations between banks before final settlement ran through existing payment rails.
Reported by The Defiant
DBS launched DBS Token Services in 2024 and runs DBS Treasury Tokens, a permissioned blockchain for corporate treasury and liquidity management.
Reported by CryptoPotato
Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, up from $13.5 trillion in 2025.
24,000,000,000,000 USDReported by CryptoPotato
What happened
DBS and Citi completed a US dollar cross-border payment between Singapore and Citi's New York office on September 5, using tokenized deposits on Swift's blockchain-based Digital Ledger. Both outlets report the transfer cleared in minutes, compared with the industry norm of up to two business days for cross-border payments. Swift describes the ledger as a secure orchestration layer for bank-issued tokenized deposits, with final settlement still running through existing banking systems — the blockchain coordinates movement but does not replace settlement rails. This marks the second confirmed live use of the ledger, following HSBC and Standard Chartered's first cross-border transfer in August. DBS Group Chief Operating Officer Rachel Chew said the capability addresses the need for faster cross-border money movement in a global digital economy. DBS is the only Asian-headquartered bank in the 12-member core design group behind the Swift ledger.
How the story developed
- Update
DBS and Citi complete weekend USD payment on Swift's blockchain ledger
Transfer between Singapore and New York on Sept. 5, clearing in minutes.
- First report
First report by The Defiant
DBS and Citi Complete Weekend Dollar Payment on Swift Ledger
- Update
HSBC and Standard Chartered complete first live cross-border transfer on Swift ledger
- Independent corroboration
Independently corroborated by CryptoPotato
DBS and Citi Settle 24/7 Cross-Border Dollar Payment on SWIFT’s Ledger
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 8 Sept 2026, 16:01 UTC: The Defiant — 1 independent source, 1 reports
- 8 Sept 2026, 20:18 UTC: CryptoPotato — 2 independent sources, 2 reports
Affected entities
Also mentioned: Robinhood
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| The Defiant Crypto media | DBS and Citi Complete Weekend Dollar Payment on Swift Ledger | Original | |
| CryptoPotato Crypto media | DBS and Citi Settle 24/7 Cross-Border Dollar Payment on SWIFT’s Ledger | Independent |
Related events
18 Polymarket Users Face Korean Prosecutors After Police Traced Their Wallets
JPYC Hit South Korea’s Upbit at 1 Yen and Traders Sent It Flying Past 3
Anthropic Delays IPO Prospectus to Late September, Eyes Mid-October Marketing and $2 Trillion Valuation
Anthropic has pushed its IPO prospectus from early to late September, with investor marketing now planned for mid-October and a possible listing before the November U.S. midterm elections.
