1 month ago
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Key Takeaways
- DBS and Citi completed a weekend USD payment.
- Tokenized deposits remain bank-issued money.
- Swift enables payment execution beyond banking hours.
- Final settlement still uses established banking rails.
- The next test is recurring corporate use.
The payment solved an operating-hours problem, not a currency problem
DBS and Citi’s New York office completed a cross-border USD payment between Singapore and the United States on September 5. DBS said the transaction used tokenized deposits and took minutes, while conventional cross-border transfers can take up to two business days when time zones and weekend closures interrupt the process.
DBS Managing Director and Head of Digital Assets Rachel Chew said:
“tokenised money is moving from experimentation to real-world adoption.”
What matters is that the payment was completed over...
English (US)