Citi and DBS complete first weekend tokenized cross-border deposit on Swift

Citi and DBS said they completed a tokenized crossborder transfer between Singapore and the United States over the weekend using Swift’s blockchainbased ledger. The transaction was designed to work outside normal banking hours and finished in minutes, according to DBS. The banks said the test shows how tokenized deposits and blockchain rails can be used to speed up international payments while keeping funds within regulated banking channels. The move follows earlier tokenized crossborder work by other major banks and comes as Swift expands pilot use of its digital ledger with a group of global lenders. The article also notes that Citi is involved in plans for a separate tokenized deposit network in the US, while DBS has previously worked with JPMorgan on a framework for interbank deposit transfers.