Citi and DBS Bank Launch Instant Cross-Border USD Payments with Tokenization
- On September 5, Citi and DBS Bank completed their first weekend USD payment between Singapore and the United States.
- The transaction utilized tokenized deposits via Swift’s Digital Ledger, taking only minutes compared to the typical two business days.
- This innovation enables companies to conduct cross-border USD transactions even when traditional banking systems are closed.
- A survey indicated that about 50% of finance leaders in Asia are exploring blockchain solutions for liquidity management and FX risk.
- Asia’s outbound cross-border payments are projected to reach $24 trillion by 2033, nearly double from $13.5 trillion in 2025.
The partnership between Citi and DBS highlights the growing demand for efficient cross-border payment solutions, particularly in Asia where digital finance is rapidly evolving.
With the completion of this transaction, companies can now access faster cash flow across borders, reflecting a significant advancement in financial technology. (Source)
