DBS of Singapore and Citi processed a live weekend transaction for the first time, sending U.S. dollars from Singapore to New York in the United States.

On Sept. 7 (local time), blockchain media outlet Cryptopolitan and others reported the transaction used tokenised deposits and was processed through the Swift digital ledger, cutting cross-border settlement from up to 2 business days to minutes.

The transfer took place on Saturday, Sept. 5. DBS said Citi's New York branch handled processing on the U.S. side. No separate cryptocurrency was used in the remittance, and tokenised deposits that record claims on actual bank deposits on a blockchain were used. The Swift digital ledger supports payments using tokenised deposits, allowing funds to be moved without waiting until the next business day.

The key was reducing delays caused by weekends and time zone differences in cross-border payments. DBS said it removed weekend and time zone constraints in existing payments and cut transfer time to minutes. Mridula Iyer (므리둘라 아이어), Citi's head of Asia South services, said processing a live weekend transaction showed that 24-hour cross-border payments were becoming a reality.

The two banks are offering the capability to e-commerce companies, digital services firms and corporate treasury managers, among others. They said companies operating in multiple countries can speed access to funds for suppliers and customers through faster settlement. Rachel Chew (레이철 추), DBS Group chief operating officer and co-head of digital assets, said the transaction showed tokenised money was moving from the testing stage to real adoption. DBS, citing its own report, said 50 percent of finance leaders are considering adopting blockchain-based technology to manage liquidity and foreign exchange risk.

Citi has been increasing similar live transactions in other regions ahead of the New York deal. In July it took part in Swift's 24-hour tokenised deposit-based cross-border payments pilot, and on Sept. 2 it processed live transactions via the Swift ledger with First Abu Dhabi Bank in the Middle East and with Oversea-Chinese Banking Corp in Southeast Asia. The Singapore-New York transaction is an extension of those efforts.

Banks are also building separate networks in parallel. Citi is building a common tokenised deposit network with major U.S. banks through The Clearing House, with the project targeting a launch in the first half of 2027. DBS has also expanded its own infrastructure. DBS launched blockchain-based banking services in 2024, including the DBS Treasury Token for liquidity management, and is the only member headquartered in Asia among 12 banks participating in the design of the Swift digital ledger.

The potential for market expansion is also large. DBS projected that the volume of overseas cross-border payments originating in Asia will reach $24 trillion in 2033, roughly 32.2 quadrillion won. That is about double $13.5 trillion, roughly 18.1 quadrillion won, in 2025. The live weekend remittance is expected to help expand real-world use cases for tokenised deposits in corporate payments.