DBS and Citi have used tokenized deposit technology to complete the first weekend USD cross-border settlement between Singapore and the US, allowing transfers that were previously restricted to banking days to go through on holidays.
No settlement on weekends has long been an unspoken rule of cross-border remittances—most bank clearing systems still operate on a business-day basis, so when a holiday hits, funds get stuck in the system until Monday. DBS and Citi have now chosen to break that rule.
According to The Block, the two banks completed the first weekend USD cross-border settlement between Singapore and the US, with the transaction carried out via tokenized deposits.
Tokenized deposits represent funds held in bank accounts as tokens on a blockchain, allowing fund transfers to move without being entirely bound by the operating hours of traditional clearing systems. What's notable about this transaction isn't the size of the amount, but the fact that settlement can now happen on weekends at all—USD transfers that used to have to wait until the next business day can now go through directly on holidays.
Publicly available information does not disclose the transaction amount, exact date, or plans for further application, and DBS and Citi have not provided additional details on the technical architecture of this tokenized deposit system.
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