Citi and DBS settle weekend dollar transfer using tokenized deposits
DBS and Citi completed a Saturday U.S. dollar transfer from Singapore to New York that settled in minutes on tokenized deposits routed over Swift's Digital Ledger, instead of taking up to two business days. A tokenized deposit is a blockchain-recorded claim on an actual bank deposit, not a separate crypto asset, and Swift's ledger moved that claim without waiting for the next business day. Banks are marketing faster settlement to always-on companies and corporate treasuries, and Citi is also working with other U.S. banks on a Clearing House tokenized network targeted for first-half 2027.
Tokenized deposits enable minutes-long cross-border settlement over weekends
Context
Banks have tested tokenized deposits and Swift pilots for 24/7 settlement. This weekend's live transfer shows the tests can work in real conditions. Next, banks may scale networks like the Clearing House project toward a 2027 launch.
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