10th September 2026
By Shubhii Verma
DBS and Citi have completed a live cross-border US dollar payment using tokenised deposits, demonstrating how blockchain infrastructure could enable international transactions beyond traditional banking hours.
DBS and Citi Test Live Blockchain-Based Cross-Border Payment
The transaction, executed on September 5 between Singapore and Citi’s New York office, was completed within minutes through the SWIFT Digital Ledger, according to the two banks. The trial is part of a proof-of-concept running from July through December and aims to explore faster, always-on cross-border payments.
Traditional international settlements can take as long as two business days because of time-zone differences, weekends and banking-hour restrictions. The latest test seeks to address those limitations by allowing payment commitments to move through shared ledger infrastructure using tokenised deposits.
The initiative comes as financial institutions seek more efficient liquidity-management solutions for digital businesses operating around the clock, including e-commerce and digital services. Cross-border payment volumes in Asia are projected to nearly double to US$24 trillion by 2033, compared with US$13.5 trillion in 2025.
What Is the SWIFT Digital Ledger?
The SWIFT Digital Ledger uses shared blockchain infrastructure to support instant payment commitments through tokenised deposits.
Citi has also been expanding blockchain-based capabilities. Its Citi Token Services platform processes around US$1 billion in transactions, while its 24/7 US dollar clearing solution serves more than 300 global banking clients.
Citi executive Mridula Iyer said the trial extends the bank’s strategy of connecting traditional cash-management and securities capabilities with emerging tokenised networks and assets. For corporate customers, transferring bank-issued digital money across borders could provide greater payment certainty and faster access to liquidity.
DBS has been developing its blockchain capabilities to modernise banking infrastructure and support digital asset innovation across financial services. The Singapore-based bank launched its blockchain-powered banking suite, including treasury tokens, in 2024 to support instantaneous value transfers. It is also the only Asian-headquartered bank among SWIFT’s 12-member core design group for its digital ledger architecture.
DBS said it has processed about S$10 billion in tokenised payments cumulatively over the past two years. The lender expects investment in tokenised finance to catch up with, or potentially exceed, spending on traditional payments and custody within the next two to three years.
UOB is scheduled to conduct a separate US dollar transaction with Citi later in September, adding another live test to the pilot. Together, these initiatives indicate growing institutional interest in blockchain infrastructure as banks seek to modernise cross-border settlement and build financial systems capable of operating continuously across major financial markets worldwide today.
