DBS and Citi Report First Weekend USD Payment Between Singapore and US Using Tokenized Deposits
5h ago · 1 source · Summarised by CryptoBipto — how we make this
DBS Bank and Citigroup say they have completed what they describe as the first weekend USD payment between Singapore and the United States using tokenized deposits. The transaction reportedly demonstrated that blockchain-based deposit tokens can enable cross-border payments outside traditional banking hours. The banks have not disclosed the exact value of the transaction.
WHY IT MATTERS
When you send money internationally through a bank, the payment usually has to pass through multiple banks and payment systems that only operate during business hours on weekdays. Think of it like a relay race where each runner only runs during certain hours — if you start the race on a Saturday, everyone has to wait until Monday to pick up the baton. Tokenized deposits use blockchain technology to represent real bank deposits as digital tokens that can be transferred at any time, even on weekends. This transaction between DBS and Citi suggests that major banks are actively testing whether this technology can make cross-border payments faster and available around the clock, which could eventually reduce delays and costs for businesses and individuals sending money internationally.
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