DBS and Citi have remitted US dollars from Singapore to New York over a weekend for the first time. The banks announced Monday that the transaction was settled in minutes using tokenized deposits over Swift's Digital Ledger, a process that normally takes up to two business days.

DBS projects Asia payments to reach $24 trillion by 2033

The payment was executed on Saturday, September 5, with Citi's New York office handling its side, according to DBS.

A tokenized deposit is not a separate crypto asset but a claim on an actual bank deposit recorded on a blockchain. Swift's Digital Ledger routed that claim, moving the money without waiting for the next business day. DBS said the transfer takes minutes, compared with an industry norm of up to two business days, eliminating the usual delays caused by time zones and weekends.

The distinction matters for banks and their regulators: unlike stablecoins, tokenized deposits stay within the regulated banking system, issued only by the banks holding the underlying deposits. That positions the technology as banks' answer to the growth of stablecoin-based cross-border transfers, where settlement happens outside conventional banking rails.

DBS and Citi are marketing the capability to companies that never really close: e-commerce companies, digital-services companies, and the corporate treasurers who manage their cash. It is targeted at institutions operating across jurisdictions, where faster settlement means suppliers and customers gain quicker access to funds.

"Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality," said Mridula Iyer, Citi's head of services for its Asia South cluster.

Rachel Chew, DBS Group Chief Operations Officer and Co-Head of Digital Assets, described the transaction as tokenized money advancing "from experimentation to real-world adoption."

DBS said the move was driven by demand, citing its own report showing that half of finance leaders are eyeing blockchain tools for liquidity and currency-risk management. The report projects outbound cross-border payments from Asia to reach $24 trillion by 2033, roughly double the $13.5 trillion recorded in 2025.

The Clearing House network targets a 2027 launch

Citi participated in a Swift pilot in July for 24/7 cross-border payments with tokenized deposits. It recently became the first U.S. bank to process live transactions on Swift's ledger, in collaboration with First Abu Dhabi Bank and Oversea-Chinese Banking Corporation.

Citi is also among the large U.S. banks building a common tokenized deposit network via The Clearing House. Cryptopolitan reported that the project is aiming for a launch in the first half of 2027, as stablecoins gain traction and the regulated banking system looks to keep corporate money within it.

DBS has its own infrastructure as well. In 2024, the bank rolled out its suite of blockchain banking offerings, including DBS Treasury Tokens for liquidity management. DBS is also the only Asian-headquartered member of the 12-bank group designing Swift's digital ledger.

Sources: DBS Newsroom, PYMNTS