tokenized deposits

Cross-border payment between Singapore and New York settled in minutes, bypassing traditional two-day clearing cycle

The banks settled a cross-border transfer from Singapore to the U.S. in minutes on Saturday, bypassing conventional two-day settlement cycles via SWIFT's digital infrastructure.

The banks used Swift's Digital Ledger to complete a cross-border transfer over a weekend in minutes, cutting traditional two-day settlement times and signaling institutional momentum behind tokenized assets.

A consortium of state banking associations plans a blockchain network for tokenized deposits by 2027, but has not disclosed consensus mechanisms, governance structures, or secured participation from any major lender.