Citi, DBS Complete First Weekend Tokenized Deposit Transfer on Swift Ledger
Citi and DBS have successfully executed a cross-border transfer of tokenized deposits using the Swift Digital Ledger, marking the first time such a transaction occurred over a weekend. By processing the remittance outside of traditional banking hours, the banks achieved final settlement in mere minutes, a significant improvement over the standard two-day processing window. This milestone follows Swift's July announcement regarding the rollout of its blockchain-based ledger, which involves 17 major global financial institutions including HSBC, UBS, and Standard Chartered. The successful pilot demonstrates the potential for blockchain technology to eliminate the friction and time delays inherent in legacy cross-border payment systems. This development is part of a broader industry trend where major banks are actively building infrastructure for tokenized deposits to modernize interbank settlements. Citi is currently working toward launching a dedicated tokenized deposit network by the first half of next year, while DBS continues to collaborate with JPMorgan on an on-chain interbank transfer framework. These initiatives collectively signal a shift toward 24/7 global liquidity management through institutional-grade distributed ledger technology.
- Citi and DBS completed the first weekend cross-border tokenized deposit transfer via Swift.
- Transaction settlement occurred in minutes, bypassing the standard two-day banking delay.
- Swift's digital ledger pilot includes 17 major global banks like HSBC and UBS.
- Citi plans to launch a proprietary tokenized deposit network in early 2025.
Swift is a global member-owned cooperative that provides secure financial messaging services to thousands of institutions worldwide. Its digital ledger initiative aims to integrate blockchain technology into existing banking infrastructure to facilitate seamless, real-time cross-border settlements for tokenized assets and deposits.