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Citi, DBS send tokenized USD in minutes as TradFi rails sleep. 1 hour ago Key takeaways. DBS and Citi basically pulled off a USD payment in just minutes this weekend using Swift's ledger. Pretty quick compared to how TradFi cross-border payments usually work.Swift's 17-bank pilot is pushing tokenized deposits closer to becoming an actual 24/7 banking option, instead of something that's mostly talked about in theory.Citi thinks always-on payments are starting to become the norm, especially with tokenized assets getting close to the $40 billion mark. The space is definitely picking up momentum. Citi and DBS put Swift's 24/7 Digital Ledger to the test during weekend hours. The blockchain technology used, also known as the Swift Digital Ledger, was developed by the global financial messaging network Swift in order to offer 24/7 settlement. This weekend, while traditional finance (TradFi) rails were closed, Citi and DBS made a USD payment with the Swift blockchain using tokenized deposits. While the TradFi settlement period is typically two days, the transaction was settled in "minutes," according to the DBS release. "In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive," Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services, DBS, remarked. "Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients." The DBS executive added: "We are pleased to be working with Citi to demonstrate how tokenised money is moving from experimentation to real-world adoption - laying the foundations for a more connected, nimble and always-on global financial system." Swift enlists 17 banks as tokenized money moves into the real world. The news follows the announcement from Swift regarding the Swift Digital Ledger being open for use in July. The company said that "17 banks from six continents" were participating in using the blockchain pilot. The goal is to fuel " faster, flexible money movement across the world" and push forth future innovative technologies like "programmable money and agentic commerce." Citi's Asia South Head of Services, Mridula Iyer, believes the weekend transfer using the Swift Digital Ledger is a turning point. "This milestone with DBS on Swift's ledger reflects Citi's commitment to building financial infrastructure for our clients and partners that is always-on, interoperable and fit for the future." The Citi executive suggested that 24/7 cross-border payments are basically today's reality. Tokenized assets close in on the $40 billion mark. The news comes as tokenized crypto assets have turned heads in TradFi circles, and the trend has even caused some grievances among a few players. According to rwa.xyz stats on Sept. 7, the global distributed value of tokenized real-world assets is getting awfully close to breaching $40 billion, as it stands at $39.18 billion today. "This work is a natural extension of our strategy in the Services business to integrate our traditional cash management and securities capabilities with emerging tokenised networks and assets and deliver value to institutional clients across their local and global operating models," Citi's Asia South executive concluded.

DBS and Citi execute first weekend cross-border payment on Swift's Digital Ledger. Table of contents. DBS Bank and Citibank have completed a cross-border USD payment over a weekend using tokenized deposits on Swift's Digital Ledger, marking a significant operational milestone for institutional blockchain-based payments. The transaction, confirmed on 7 September 2026, demonstrates that major global banks can now settle international transfers outside traditional banking hours - a capability that has long been a structural limitation of the correspondent banking system. Key takeaways. * DBS Bank and Citibank completed the first publicly confirmed weekend cross-border USD payment using tokenized deposits on Swift's Digital Ledger. * The transaction demonstrates that tokenized deposit infrastructure can bypass traditional banking hours, enabling 24/7 settlement on a globally recognized network. * The milestone signals growing institutional momentum behind tokenized money and real-time cross-border payment rails built on blockchain-adjacent infrastructure. Main details. The payment was executed via Swift's Digital Ledger platform, which allows participating financial institutions to move tokenized representations of deposits across borders in real time. Unlike traditional wire transfers that depend on correspondent bank cut-off times and are unavailable on weekends and public holidays, the tokenized deposit model keeps settlement rails open around the clock. DBS Bank, headquartered in Singapore and one of Asia's largest financial institutions, partnered with Citibank - a global banking giant with deep cross-border payment infrastructure - to execute the USD-denominated transfer. The exact value of the transaction has not been publicly disclosed by either institution. Tokenized deposits are digital representations of commercial bank money recorded on a distributed ledger. They differ from stablecoins in a critical regulatory respect: they remain a liability of the issuing bank and are subject to existing deposit insurance and banking regulation frameworks, making them more palatable to regulators and institutional counterparties than many crypto-native alternatives. Swift's Digital Ledger is part of the messaging cooperative's broader strategy to remain central to the evolving financial infrastructure landscape. Rather than being displaced by blockchain-based payment networks, Swift has been actively developing interoperability layers and tokenized asset settlement capabilities, positioning itself as a bridge between traditional finance and emerging digital asset rails. Evidence and source information. The transaction was independently reported by CoinDesk and Cointelegraph on 7 September 2026, with both outlets citing the banks' involvement and the Swift Digital Ledger as the settlement infrastructure. No conflicting facts were identified between the two reports. The exact transaction amount and granular technical specifications of the ledger architecture have not been publicly released by DBS, Citi, or Swift. Market, regulatory and industry context. This development arrives at a moment of accelerating institutional interest in tokenized real-world assets and bank money. Central banks and commercial banks globally have been exploring tokenized deposit frameworks as a complement - or in some cases an alternative - to central bank digital currencies (CBDCs). The Bank for International Settlements (BIS) has highlighted tokenized deposits as a promising model for modernizing wholesale payment systems without requiring a full CBDC rollout. Swift's involvement is particularly notable. The cooperative connects more than 11,500 financial institutions across over 200 countries and territories. Its decision to build and operate a Digital Ledger for tokenized asset settlement gives the technology immediate access to an established global network of banks, custodians, and market infrastructures - a distribution advantage that purpose-built blockchain payment networks have struggled to replicate. For the broader cryptocurrency and digital asset industry, the DBS-Citi transaction is a data point in the ongoing convergence between traditional financial infrastructure and blockchain-based settlement. It also reinforces the regulatory preference for tokenized deposits over permissionless stablecoins in institutional cross-border payment contexts, a distinction that has become increasingly relevant as cryptocurrency regulation matures globally. Weekend settlement has historically been a pain point for corporate treasurers and financial institutions managing liquidity across time zones. A USD payment initiated in Singapore on a Saturday, for example, would typically not settle until the following Monday under conventional correspondent banking arrangements. Tokenized deposit rails that operate continuously could meaningfully reduce counterparty exposure and free up working capital for multinational firms. What happens next. Neither DBS, Citi, nor Swift has publicly outlined a specific timeline for broader commercial deployment of the tokenized deposit payment service. However, the successful weekend transaction is likely to serve as a proof-of-concept that accelerates onboarding discussions with other financial institutions on the Swift network. Regulatory engagement will also be a key variable: supervisors in Singapore, the United States, and other major jurisdictions will need to provide clarity on the treatment of tokenized deposits in cross-border contexts before the service can scale to routine commercial use. Observers will be watching for further pilot announcements and any formal regulatory guidance in the months ahead. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 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Citi's Services business pioneers live transactions on Swift's ledger, collaborating with FAB and OCBC to redefine always-on global payments. DBS and UOB Set to Join Initiative, Expanding Always-On Payment Capabilities September 02, 2026 Highlights. * Citi, First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC) are the first to conduct live transactions in USD in the Middle East and Southeast Asia regions, respectively * Citi expects to conduct similar transactions with other collaborating banks, including DBS and United Overseas Bank (UOB) later this month * These firsts continue to advance Citi's work to deliver always-on capabilities to support client needs NEW YORK - Citi announced today that it has successfully processed live transactions on Swift's blockchain-based ledger, marking a significant milestone in its strategy to deliver always-on, cross-currency, and interoperable payment solutions for its institutional clients. As the first U.S. bank to conduct live native ledger transactions, Citi has collaborated with First Abu Dhabi Bank (FAB) and Oversea-Chinese Banking Corporation (OCBC) on this global initiative. The initiative is a key part of the strategy for Citi's Services business to advance its digital asset capabilities across cash and securities. It builds on newly integrated solutions, such as 24/7 USD Clearing, Citi Token Services, and Citi Custody+, to enable real-time, multi-bank, cross-border payments, as well as securities and collateral management for corporate and institutional clients. Citi's 24/7 USD Clearing solution serves over 300 bank clients globally, and Citi Token Services processes around $1 billion in transactions through its blockchain-based platform. This reflects the natural evolution of a core focus for Citi Services: delivering instant, real-time, and always-on capabilities that bridge its payments and securities infrastructure with the emerging landscape of tokenized multi-bank networks and assets. The live transactions already completed, include the first to be processed in the Middle East region with FAB, and the first in the Southeast Asia region with OCBC. These operations are an important step in demonstrating the viability of using distributed ledger technology to provide uninterrupted, 24/7 payments and settlements that are not restricted by traditional cut-off times or weekend closures. Citi expects to conduct similar transactions with other key collaborators later this month including DBS and United Overseas Bank (UOB). The pilot transactions are intended to be part of a focused, controlled proof-of-concept phase running from July to December 2026. The use of shared blockchain infrastructure to support the movement of tokenized deposits and more broadly, securities, will also create a more efficient market for instant cross-border payments and securities settlements. The global pilot on Swift's blockchain ledger is a primary example of this, demonstrating Citi's commitment to supporting an interoperable ecosystem for both cash and securities. Citigroup, Inc. is proud to be a leader in this pivotal initiative, working alongside Swift and its esteemed bank collaborators to continue to transform the landscape of always-on payments, settlements and liquidity. This pilot represents a crucial step in exploring how Citigroup, Inc. can leverage the power of shared ledger technology to create a more efficient, interoperable, and always-on global financial system that supports both payments and collateral movement. Its active engagement in the design and execution of Swift's ledger MVP ensures that its clients' interests are at the forefront as Citigroup, Inc. shape the future of interoperability between digital and traditional currencies." Debopama Sen Head of Payments, Services Swift's ledger initiative is designed to bridge traditional finance with the emerging world of digital assets. It utilizes a shared blockchain-based infrastructure to enable instant payment commitment through tokenized deposits, while leveraging the safety and trust of existing settlement models, including real-time gross settlement (RTGS) for final settlement. This innovative model promises key benefits such as 24/7/365 service, faster credit for beneficiaries, and improved liquidity efficiency for banks. Rachel Chew, Group Chief Operating Officer and Co-Head of Digital Assets, Global Transaction Services at DBS, said: "Initiatives such as the Swift Digital Ledger are bridging traditional banking infrastructures with emerging digital networks. By fostering deeper interoperability across these different ecosystems, we can achieve seamless transactions and establish common standards, which are essential for the wider adoption of tokenized money." Carmen Chan, Deputy Head of Global Transaction Banking at Singapore's OCBC, added: "Our successful live pilot transactions with Citi marks an important step towards enabling bank-issued digital money to move efficiently and securely across borders. For corporates, this could mean faster access to funds, greater payment certainty and improved liquidity management in an increasingly always-on economy. Interoperable shared infrastructure can help connect banking networks across jurisdictions while preserving the trust and reach of the global banking system. We look forward to continuing our collaboration with Swift and our banking partners to advance more efficient, transparent and resilient global payments." So Lay Hua, Head of Group Transaction Banking, UOB said, "Our upcoming U.S. dollar transaction with Citi on Swift's ledger underscores the power of industry collaboration in building the next generation of payment infrastructure. These transactions demonstrate how banks can enable faster, more seamless and interoperable payment flows across markets. As the One Bank for ASEAN, UOB is committed to contributing our regional network and transaction banking expertise to shape the future of payments." About Citi. Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.