DBS and Citi complete weekend USD payment via Swift’s Digital Ledger using tokenized deposits
60-second summary
DBS and Citi finalize a weekend USD transfer on SWIFT’s Digital Ledger, marking the second live, token‑based deposit transaction on the network. The banks moved roughly $10 million instantly, showcasing tokenized cash on a permissioned blockchain. This proof‑of‑concept pushes SWIFT to challenge always‑on digital rails, signaling broader industry adoption and potential shifts in cross‑border settlement speeds.
The transaction is the second confirmed live use of Swift's blockchain ledger, coming as the network races to prove it can compete with digital payment rails that never close.