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Market Incident

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LATEST: Citi and DBS completed the first weekend cross-border dollar payment between Singapore and the US in minutes using tokenized deposits via Swift's blockchain ledger.

Citi and DBS completed the first weekend cross-border dollar payment between Singapore and the US in minutes. They used tokenized deposits, which are digital versions of bank money, through Swift's blockchain ledger to make the transaction.

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What happened

Two large banks, DBS and Citi, tested a new way to send US dollars across borders on a weekend. They used digital versions of bank money on Swift's new ledger system. The payment from Singapore to New York finished in minutes, not the usual two business days. This was the first such weekend payment completed this way.

Global impact / market context

This test shows that international money transfers could become much faster. Normally, cross-border payments on weekends can take up to two days because banks are closed. If this method becomes standard, it may reduce waiting times for people and businesses sending money globally. It also shows banks are exploring blockchain technology for everyday banking.

What to watch

  1. Watch whether Swift or the banks announce a follow-up test or a launch date for this service. That would show if the experiment is moving toward real use.
  2. Check if other major banks join the same ledger system. More participants would make the network more useful and could speed up adoption.
  3. Monitor any statements from regulators in Singapore or the US about this type of payment. Their approval or concerns will shape whether this becomes common.

Evidence