According to CoinMeta, Citibank and DBS Bank completed the first cross-border tokenized deposit transaction between Singapore and the United States through the SWIFT digital ledger. This transaction utilized tokenized deposits to bypass the traditional banking hours restrictions and was settled within minutes. DBS Bank stated that compared to the typical two working days processing time for traditional cross-border transfers, the efficiency of this transaction was significantly improved. The SWIFT initiative plans to pilot tokenized cross-border payments with 17 major banks, including Citibank, DBS, HSBC, BNP Paribas, UBS, ANZ Bank, and Standard Chartered Bank.