CoinDesk
DBS in Singapore and Citi in New York completed their first cross-border US dollar payment over a weekend using tokenized deposits on Swift's blockchain ledger, settling the Sept. 5 transaction in minutes instead of the industry norm of up to two business days. It is the second confirmed live transaction on Swift's Digital Ledger, following HSBC and Standard Chartered's first cross-border transfer in August.
Why it matters
Cross-border payments between Asia and the US routinely stall over weekends: a treasurer moving liquidity from Singapore to New York on a Friday cannot land it before Monday at the earliest. For corporates running 24/7 digital operations, that gap costs money in delayed supplier payments and frozen working capital. Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double the $13.5 trillion in 2025, according to a Money 20/20 and FXC Intelligence report cited by DBS. Half of finance leaders are already exploring blockchain for liquidity and FX management, per a DBS global survey.
Market impact
The test lands inside a broader race for the network to prove it can compete with stablecoins and other round-the-clock payment rails. Swift rolled out its blockchain ledger in July with 17 banks across six continents, and DBS is the only Asian-headquartered bank on the 12-bank core design group. "Processing a live transaction over a weekend demonstrates that always-on cross-border payments are already a reality," said Mridula Iyer, Citi's head of services for Asia South. Two live tests within weeks of launch signal the rails are moving from pilot to production faster than expected, with Swift's $1.5 quadrillion annual flow now sitting on a ledger that can settle when correspondent banking is dark.
Frequently asked questions
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What did DBS and Citi actually test on Swift's blockchain ledger?
DBS Singapore and Citi New York completed a cross-border US dollar payment over the weekend of Sept. 5 using tokenized deposits on Swift's Digital Ledger, settling in minutes instead of up to two business days.
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Why does weekend settlement matter for cross-border payments?
Asia-to-US USD payments typically stall from Friday close to Monday open because correspondent banking is dark. Tokenized ledgers settle around the clock, removing that gap for treasurers running 24/7 operations.
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How many banks are on Swift's blockchain ledger so far?
Swift rolled out the blockchain ledger in July with 17 banks across six continents. DBS is the only Asian-headquartered bank on the 12-bank core design group steering its development.
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Is this the first live transaction on Swift's Digital Ledger?
No, it is the second confirmed live transaction. HSBC and Standard Chartered completed the first cross-border transfer on the ledger in August, weeks after the network launched.
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How big is the cross-border payments opportunity in Asia?
Asia's outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double the $13.5 trillion recorded in 2025, according to a Money 20/20 and FXC Intelligence report cited by DBS.
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