DBS and Citi have completed the first tokenised deposit on Swift’s blockchain ledger on a Saturday, unearthing new liquidity and settlement use cases.
Citi and DBS settled the first cross-border tokenised deposit transaction on a weekend on Swift’s blockchain-based ledger.
On Saturday, 5 September 2026, the first US dollar payment between Singapore and the US was settled by both banks from their New York offices. The transaction took minutes to complete, marking a significant improvement from the traditional two business days for cross-border payments.
One of the primary use cases for settling a tokenised deposit cross-border transaction on a Saturday was to eliminate delays due to time zone and weekend gaps.
DBS cited institutions operating in round-the-clock borderless industries like e-commerce and digital services, 24/7 cross-border tokenised deposits providing greater certainty and faster access to cash for suppliers and customers.
In addition, further use cases include how corporate treasurers can respond more effectively to changing market conditions by moving liquidity across entities and markets almost instantaneously.
Mridula Iyer, Head of Services for Asia South at Citi, said: “Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality.
“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.”
Unlocking idle liquidity
Due to a large majority of traditional payment rails, banks and services close on weekends and holidays, businesses must wait until Monday to settle transactions and access liquidity.
The emergence and development of blockchain networks in financial services has enabled businesses, banks and providers to perform cross-border payments outside of these time restrictive barriers, as tokenised deposit transactions processed on blockchain ledgers like Swift’s operate as Delivery-versus-Payment settlement, where cash and assets are exchanged in smart contracts.
Transfers such as this happening in real-time, on weekends and holidays, enables business treasurers to no longer lock idle liquidity on weekends for coverage of cross-border payment expenses.
Smart contracts allow for the automatic release of funds, which can be settled in seconds. Tokenised deposits also sit within the regulated frameworks that banks have to comply with, therefore meaning they are a secure method of finding solutions to speeding up cross-border payments.
According to DBS’ ‘New Realities, New Possibilities’ report, 50% of finance leaders are exploring blockchain-powered solutions as part of their liquidity and FX management toolkit.
This is of particular interest to finance leaders in Asia, where the region’s outbound cross-border payments are projected to surge to $24trn by 2033, almost double the 2025 volumes ($13.5trn).
Rachel Chew, COO and Co-Head of Digital Assets, Global Transaction Services at DBS, added: “In a global digital economy that never sleeps, businesses need to move money more quickly and efficiently across borders to stay competitive.
“Swift Digital Ledger is bridging traditional banking infrastructures with emerging digital networks to enable deeper interoperability that benefits clients. 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.”
More tokenised deposit use cases
DBS has built one of the most comprehensive tokenised deposit programmes in the world, having launched DBS Token Services in 2024 and DBS Treasury Tokens, the bank’s treasury and liquidity management solution powered by its permissioned blockchain.
In November 2025, DBS and Kinexys by JP Morgan – the US bank’s blockchain arm – announced a collaboration to establish a framework and produce a pilot designed for how tokenised deposits work on public and permissioned blockchains.
Citi has also established a long-running tokenised deposit programme. Citi expanded its tokenised deposit offering, Citi Token Services (CTS), with the integration of Euro transactions through an expansion of its presence in Ireland by launching a liquidity centre.
The addition of Euro real-time, cross-border payments to CTS expands the offering to institutional clients in Europe, as well as being accessible to existing markets where CTS is available, including the US, UK, Singapore and Hong Kong.
Want to find out how Web3 can help your business in practical terms? Get yourself to the Web3 Academy at SBC Summit Lisbon on Wednesday 30 September. Get yourself an Education+ pass by visiting: https://sbcevents.com/sbc-summit/web3-academy/
