Swift’s Digital Ledger Enables Rapid USD Payment by Citi and DBS
- Citi and DBS executed a USD payment in minutes using Swift’s digital ledger, contrasting the typical two-day settlement in traditional finance.
- The Swift Digital Ledger supports tokenized deposits, pushing towards a future of always-on banking solutions.
- Swift’s pilot involves participation from 17 banks across six continents to enhance global money movement.
- Tokenized assets are nearing the $40 billion mark, highlighting significant growth in the sector.
The collaboration between Citi and DBS showcases how traditional banking can integrate with digital networks for faster transactions. The Swift Digital Ledger is playing a crucial role in this transformation by enabling rapid cross-border payments even during non-banking hours.
This development underscores the growing trend towards real-world adoption of tokenized assets, as evidenced by their increasing market value approaching $40 billion. (Source)
