Overview
- DBS and Citigroup used tokenized deposits on Swift’s Digital Ledger to complete a Singapore–New York US dollar payment that the banks say settled in minutes.
- The transaction, carried out on Sept. 5, 2026, ran outside normal banking hours and demonstrates a coordinated, always-on execution model between participating banks.
- Tokenized deposits are digital claims on an issuing bank that stay on that bank’s balance sheet, so the pilot preserves existing credit, compliance and risk controls rather than using public stablecoins.
- The transfer was part of Swift’s controlled live pilot of about 17 banks; the banks have not disclosed the payment amount, customer or fees and final settlement still uses established banking rails.
- Key open questions for commercial rollout include handling multi-currency flows, reconciliation, sanctions and AML screening, access to FX liquidity and a clear pricing model, all of which will shape treasury use and wider adoption.