In a release published on September 7 local time, Singaporean bank DBS said it had completed a weekend U.S. dollar payment between Singapore and the United States with the New York office of U.S. bank Citi, using tokenized deposits. Tokenized deposits represent bank deposits as digital units that can be handled on a blockchain; the transaction used Swift Digital Ledger, the blockchain-based ledger of Swift, a network that connects financial institutions. According to DBS, the transaction took place on September 5 and was completed within minutes, reducing delays caused by weekends and time-zone differences in cross-border payments that typically take up to two business days. DBS described the capability as helping businesses that operate around the clock, such as e-commerce and digital service companies, pay suppliers and customers more quickly.
According to an official explanation published by Citi on September 2, the project is in a controlled live-transaction trial running from July through December 2026. The ledger is used to confirm payment commitments for tokenized deposits instantly, while final interbank settlement uses existing payment systems, including those that process transactions individually in real time. The announcement did not disclose the transaction amount, the actual number of customers, fees, or the locations and timing of availability to general customers.