DBS and Citi executed a tokenized US dollar cross-border payment on SWIFT's ledger in minutes, versus the traditional two-day settlement.
RWA & Tokenization ·
DBS and Citi moved a US dollar payment between Singapore and New York in minutes using tokenized deposits on SWIFT's shared ledger, a stark contrast to the standard two-day settlement timeline for conventional cross-border transactions. The transfer, completed over a weekend in September, routed through tokenized commercial-bank money matched and netted by SWIFT's orchestration layer before final settlement. Seventeen banks across six continents are now piloting transactions on the ledger, though some clients have not urgently demanded these solutions despite growing interest in blockchain-based tools for treasury and foreign exchange operations.