Written by Zoltan Vardaistaff writerReviewed by Robert Lakinstaff editor

Written by Zoltan Vardaistaff writer

Reviewed by Robert Lakinstaff editor

Citi, DBS complete first weekend tokenized cross-border deposit on Swift

Latest NewsPublishedSep 7, 2026

Citi and DBS completed their first tokenized cross-border transfer over the weekend, using Swift’s blockchain-based ledger to circumvent the constraints of traditional banking hours.

Singapore-based financial services group DBS and American financial services giant Citi completed the first weekend tokenized cross-border payment between Singapore and the US on Saturday.

The two companies executed the transaction using tokenized deposits via the Swift Digital Ledger to bypass the constraints of traditional banking hours, DBS revealed on Monday.

The deposit was finalized in minutes, which DBS called a “notable improvement” from the industry norm of as long as two business days for traditional cross-border transfers.

The transaction demonstrates how traditional banks are exploring blockchain rails for more efficient cross-border transactions while aiming to keep deposits inside banking channels. Standard Chartered and HSBC were the first to complete a tokenized cross-border transaction on Swift’s blockchain ledger in August.

In July, Swift, the world’s largest financial messaging network, stated that its blockchain-based ledger was ready for initial utilize and that it was preparing to pilot tokenized cross-border payments with 17 major banks, including Citi and DBS, as well as HSBC, BNP Paribas, UBS, ANZ and Standard Chartered.

Citi is also one of a group of the largest US banks that plan to launch a separate tokenized deposit network in the first half of 2027 operated by The Clearing House, David Watson, CEO of the bank-owned payments operator, told The Wall Street Journal in June.

In November 2025, DBS and JPMorgan revealed plans to develop a blockchain-based tokenization framework to enable onchain transfers between their deposit token ecosystems, aiming to set an industry standard for cross-bank payments.

Related: VARA, Securitize sign MoU for tokenization innovation in Dubai

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Tokenization
• RWA Tokenization
• Banks
• Transactions
• Money Transfers
• DBS Bank
• Citi
• SWIFT
• Industry

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