DBS, Citi Complete First Singapore-US Weekend Dollar Settlement Using Tokenized Deposits

Singapore's DBS Bank and Citi have successfully used tokenized deposits to process a U.S. dollar settlement between Singapore and the United States in near real time over a weekend.

The Block reported on September 7 that DBS and Citi's New York branch completed their first weekend dollar settlement on September 5 using a digital ledger from Swift, the global interbank messaging network. The transaction was processed within minutes, versus as long as two business days for a conventional cross-border payment.

The significance of the transaction lies in its use of tokenized deposits to reduce settlement delays tied to bank business hours and time-zone differences. The banks said the framework could let companies operating across multiple countries in e-commerce and digital services move funds on weekends and outside traditional banking hours.

Rachel Teo, DBS Group's chief operating officer, said the collaboration with Citi showed tokenized money is moving beyond the experimental stage into real-world use. The effort is laying the foundation for a more connected, agile and always-on global financial system.

Citi joined Swift's pilot program in July for 24/7 cross-border payments based on tokenized deposits. It is also participating with major U.S. banks in building a tokenized deposit network through The Clearing House, which is targeted for launch in the first half of 2027.

DBS launched blockchain-based banking services in 2024 and introduced products including DBS Treasury Tokens for liquidity management. It is currently the only Asia-headquartered member of Swift's 12-bank core design group for digital ledgers.