Citi and DBS Execute First Tokenized Cross‑Border Deposit via SWIFT’s Ledger

First tokenized cross-border deposit on SWIFT

Citi and DBS bank announced they completed the inaugural tokenized cross-border deposit over a weekend, leveraging SWIFT’s Distributed Ledger Technology to bypass conventional banking cut‑offs.

According to a Reuters briefing, the transaction settled in under six minutes, a speed unattainable with legacy correspondent channels.

“This pilot proves that blockchain can align with existing payment rails without regulatory friction,” said a senior SWIFT official.

The deal moved ↑ $120M in USD‑denominated tokens, marking a material test of tokenised liquidity across jurisdictions.

Analysts at Bloomberg project that, if scaled, tokenised deposits could shave ↓ 30% from settlement costs for banks handling high‑value FX flows.

Analysis by: Lyra Valance

Digital Assets & Web3 Insider