Citi and DBS completed a tokenized U.S. dollar payment between Singapore and New York on Sept. 5, processing the weekend transaction within minutes through Swift’s blockchain-based ledger.

DBS announced the transaction on Monday, describing it as the first successful weekend U.S. dollar payment between Singapore and the United States using Swift’s Digital Ledger.

The payment connected DBS with Citi’s New York office. Neither bank disclosed the transaction’s value, participating customer or applicable fees. The lack of those details limits comparisons with existing cross-border payment products.

DBS said the transaction took minutes, compared with an industry norm of up to two business days. That comparison is the bank’s assessment. Processing times for conventional payments vary by corridor, participating institutions, compliance checks and payment method.

The Saturday transfer demonstrated that participating banks can coordinate tokenized deposit instructions outside conventional operating hours. It did not establish that the service is broadly available to corporate customers across every market.

Swift’s ledger coordinates separate bank systems

Tokenized deposits represent claims against commercial banks. They remain bank liabilities rather than privately issued stablecoins backed by separate reserve portfolios.

Swift’s ledger acts as an orchestration layer between deposits issued on participating banks’ own systems. It records, sequences and validates payment obligations while applying transaction rules through smart contracts.

Final settlement still occurs through established banking systems. The design therefore uses blockchain to coordinate value between institutions without placing every part of the transaction or final conventional settlement onchain.

As crypto.news previously explained, the platform coordinates bank-issued money rather than public stablecoins. This distinction allows banks to preserve existing compliance, credit and risk controls while extending payment availability beyond normal cut-off times.

The Citi-DBS payment followed the first live interbank transaction between HSBC and Standard Chartered in August. That transaction also connected independently operated tokenized deposit systems through Swift’s shared ledger.

Citi expands its live Swift payment tests

Citi had already completed live transactions with First Abu Dhabi Bank and Singapore-based OCBC before working with DBS. The bank said it became the first U.S. bank to conduct live native transactions on Swift’s ledger.

Citi expected to conduct additional transactions with DBS and United Overseas Bank during September. The completed weekend payment confirms the DBS portion of that schedule.

The tests complement Citi’s existing digital payment services. The bank said Citi Token Services processes approximately $1 billion in transactions through its blockchain platform, while its round-the-clock dollar clearing service supports more than 300 banking clients.

Those figures come from Citi and have not been independently audited within the transaction announcement. Citi also did not provide a commercial launch date for customer access to Swift’s ledger.

Citi is separately involved in a bank-owned U.S. tokenized deposit project. As previously reported, major U.S. banks are targeting a 2027 network launch through The Clearing House.

DBS and Swift prepare for wider deployment

DBS introduced its own blockchain-powered Token Services platform in 2024. Its products include Treasury Tokens, which support programmable transfers and liquidity management on the bank’s permissioned blockchain.

The bank is also the only Asian-headquartered institution in Swift’s 12-member core design group. Rachel Chew, DBS’s group chief operating officer and co-head of digital assets, said the transaction showed tokenized money moving from experimentation toward “real-world adoption.” Wider adoption, however, will require more corridors, banks and production customers.

Swift opened its ledger for initial use in July after developing the first version in nine months. Seventeen banks across six continents joined the initial live transaction program.

The participating institutions include Citi, DBS, HSBC, BNP Paribas, BNY, Standard Chartered, UBS, Wells Fargo, ANZ and MUFG. Crypto.news reported at the time that Swift’s initial rollout targeted continuous cross-border payments.

The next test is whether banks can move beyond controlled institutional transactions to recurring customer payments at commercial scale. Swift and the participating banks have not disclosed a full production timetable, pricing model or expected transaction capacity.

The Bangko Sentral ng Pilipinas (BSP) has proposed a temporary pause on new registrations for payment-system operators as part of a broader effort to tighten integrity and risk controls around payments connected to virtual asset service providers (VASPs). In a draft circular released for consultation, the central bank also outlined stricter requirements for BSP-supervised institutions when merchant acquisition involves regulated crypto-related businesses.

While the proposal is still subject to feedback and finalization, it signals the regulator’s intent to slow down parts of the payment authorization pipeline and to tighten how regulated VASPs are routed into payments and settlement processes in the Philippines.

Key takeaways

• The BSP proposes suspending acceptance and processing of new applications for operators of payment systems for 12 months, pending a “holistic review” of its licensing framework.
• Applications already submitted before the suspension would continue to be assessed, but BSP would not approve or deny them until the pause ends.
• BSP-supervised merchants and acquiring services would need to structure arrangements with regulated VASPs through direct merchant relationships subject to enhanced due diligence and monitoring.
• The draft expands the control net to VASPs that are licensed, registered, or authorized by the BSP, the Philippine Securities and Exchange Commission (SEC), or another competent authority.
• If finalized, the draft circular would take effect 15 days after publication, though the BSP is currently collecting public comments.

12-month pause on new payment-system operator registrations

In the draft circular, the BSP states that it will suspend acceptance and processing of applications from entities seeking to operate payment systems. The regulator said the move is intended to allow a “holistic review” of its taxonomy and licensing framework for payment-system oversight.

Importantly, the suspension would not necessarily erase earlier applications. According to the draft, applications submitted before the pause could still be evaluated, but the BSP would delay any approval or denial decision until the 12-month review period concludes.

The proposal also introduces a practical constraint for market participants: entities would be barred from beginning activities that require payment-system operator registration unless the BSP authorizes them through other channels. That means applicants and related service providers may face timing uncertainty even if they have already passed initial steps in the process.

Merchant acquisition rules tightened when VASPs are involved

Beyond the operator-registration pause, the BSP’s draft circular focuses on how payments are structured when BSP-supervised institutions offer merchant acquisition services that involve VASPs. The central bank proposes that such relationships must be handled through direct merchant arrangements with regulated VASPs.

Under the draft, these arrangements would come with enhanced due diligence and ongoing monitoring obligations. The BSP also points to additional risk-based controls, including transaction and settlement limits, aimed at reducing exposure in payment flows linked to virtual asset activity.

For investors, traders, and payment-adjacent businesses, this shift matters because it targets the mechanics of how crypto-related counterparties enter payment rails—not just licensing status. If implemented as drafted, it could affect onboarding processes for merchants, payment service providers, and any intermediary layers that currently sit between VASPs and merchants.

Which crypto firms are covered by the controls

The BSP’s enhanced requirements would apply to VASPs, but the draft clarifies that the obligation is tied to entities that are licensed, registered, or authorized by the BSP, the Philippine SEC, or another authority. In other words, the rules appear designed for counterparties that have already obtained some form of regulatory recognition, rather than treating all crypto activity as equivalent.

The circular also places VASPs in the broader category of businesses subject to scrutiny under the BSP’s integrity and control approach. The draft lists VASPs alongside other sectors such as gambling businesses, gaming providers, adult-oriented businesses, and money service businesses—suggesting a risk-assessment framework that groups activities by perceived operational and compliance sensitivity rather than by industry alone.

The classification has implications for compliance programs: institutions providing merchant acquisition will likely need to revisit their vendor and counterparty screening policies and ensure they can demonstrate heightened controls for the relevant categories.

Timing, consultation, and what to watch next

The draft circular would take effect 15 days after publication if finalized. The BSP is currently accepting feedback, and Cointelegraph reported reaching out to the BSP for more information without receiving a response before publication.

Readers and market participants should watch for two outcomes as the consultation progresses. First, whether the BSP’s 12-month pause remains unchanged in scope or duration, and whether it introduces clarifications on how pending applications will be handled during the review window. Second, how the final text implements the direct merchant-arrangement requirement and what “enhanced due diligence,” monitoring, and limits will look like in practice for BSP-supervised institutions working with regulated VASPs.

USD/JPY is caught in a genuine crossfire this week, and Thursday’s move said it all: the yen surged nearly 2% in a single session, touching a one-month high near 155.28, as traders simultaneously priced in higher odds of a Bank of Japan hike and stayed alert to fresh intervention risk following July’s joint US-Japan operation. BOJ board member Hajime Takata has even floated the possibility of outsized or back-to-back hikes to contain inflation, while Governor Ueda’s comments this week reinforced expectations of a move as early as this month.

The dollar side offers no clean counter-narrative either. August’s jobs report reshaped the Fed debate almost overnight, with payrolls coming in well above the 55,000 consensus, briefly reviving September hike bets that had cooled sharply after Fed Governor Waller signalled comfort with holding rates if inflation keeps easing. Markets are now split roughly 50–60% on a September move, leaving Chair Kevin Warsh’s guidance, alongside the CPI and PPI prints later this week, as the real tie-breakers.

The result: a yen gaining genuine independent strength from hawkish BOJ signals, against a dollar whose own rate path remains stuck between conflicting data, leaving USD/JPY’s next move hostage to whichever central bank commits first.

Technical Analysis of USD/JPY

As the USD/JPY chart shows, the pair has broken sharply below its long-term ascending trendline following Thursday’s yen surge, with price now sitting right at the 155.00 support zone after decisively rejecting the confluence of the descending trendline, the 100 EMA and the resistance zone at the crucial 160.00 level.

Bullish Scenario

Should buyers defend the 155.00–156.00 support and reclaim the descending trendline, the path would open towards a retest of the 100-period EMA near 159.50, with a stronger recovery potentially targeting the 160.00–161.00 resistance zone that has capped rallies since May.

Bearish Scenario

Conversely, a confirmed break below the 155.00–156.00 support would expose the pair to the next crucial level, with a deeper slide risking a retest of the 152.00–153.00 zone, the low that anchored the entire 2026 uptrend.

With price having just lost its long-term ascending trendline and now testing critical support directly beneath the 100-period EMA, USD/JPY looks poised for a decisive move. Will the BoJ’s hawkish momentum drag the pair into a genuine trend reversal, or will the dollar find its footing first?

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US-based spot Bitcoin ETFs recorded $987 million in net inflows last week, a clear indicator that institutional demand for the asset has recovered. Last week’s inflows have extended the positive flows to three straight weeks.

Spot Ethereum ETFs also extended their inflow streak, recording $218.4 million in net inflows last week.

Spot Bitcoin ETFs Record Third Week Of Positive Inflows

Spot Bitcoin ETFs recorded $987 million in net inflows last week, extending their positive streak to three straight weeks thanks to returning institutional demand. An analysis of CoinGlass ETF data shows the investment products starting the previous week with a $216.70 million inflow, followed by $236.50 million in outflows on Tuesday. The ETFs returned to positive territory on Wednesday with $101.10 million in net inflows, $730.80 million on Thursday, and $174.60 million on Friday.

BlackRock’s IBIT led weekly inflows with $691.5 million, followed by FBTC with $138.6 million, and ARKB with $137.7 million. Weekly inflows rose from $924.5 million a week prior. The daily trading volume is currently at $386.56 million, and daily total net inflows at $174.60 million. Daily trading volume for last week stood at $14.5 billion, significantly lower than the $19 billion recorded a week prior.

Robust August For Spot Bitcoin And Ethereum ETFs

Spot Bitcoin and Ethereum ETFs performed well in August, bringing in substantial inflows. Spot Bitcoin ETFs pulled in $3.52 billion in monthly net inflows, their best performance since September 2025. Meanwhile, Spot Ethereum ETFs recorded $1.85 billion in monthly net inflows, the strongest since August 2025. Dominick John, an analyst at Zeus Research, said returning institutional capital has created genuine demand for BTC, pushing the price higher.

“Sustained ETF inflows suggest institutional capital is steadily rebuilding exposure to bitcoin, creating genuine spot demand rather than relying on leverage-driven speculation.”

Min Jung, research associate at Presto Research, called the positive price action a “catch-up trade,” adding that renewed ETF inflows indicate strong institutional demand.

Bitcoin Price Action

Meanwhile, Bitcoin finds itself back below $80,000 after reaching a high of $82,283 on Thursday. The flagship cryptocurrency lost some momentum after hitting resistance around the $82,000 level. It retreated on Friday, dropping to a low of $78,626 before settling at $79,675. Price action was positive over the weekend as BTC reclaimed $80,000, closing Sunday at $80,339. However, selling pressure returned on Monday, with the price down 1.29% at $79,318.

Despite BTC’s failure to push higher, it retains a near-term bullish bias, with the price above the 50-day, 100-day, and 200-day SMAs. The Relative Strength Index (RSI) is above 60, indicating strong buying pressure, but not at overbought levels. However, the MACD has turned negative, hinting at waning momentum.

According to John, BTC must hold $80,000, adding that the next major move depends on upcoming jobless claims and CPI data, and how the Fed reacts.

“Holding $80,000 keeps the structure constructive. BTC will continue grinding higher toward $82,000-$85,000, but the next move will likely be macro-driven.”

BTC has support around the 200-day EMA at $72,749. This level is reinforced by support at the 50-day EMA ($72,100) and the 100-day EMA ($70,274).

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin traded near $79,500 on Sept. 7 as investors prepared for U.S. inflation reports and a Treasury auction during the final full week before the Federal Reserve’s Sept. 15–16 policy meeting.

Bitcoin stabilizes after the U.S. jobs report

Bitcoin was trading around $79,519 on Monday, down approximately 0.5% over 24 hours. The cryptocurrency reached an intraday high near $80,494 before retreating toward $79,120 during holiday-thinned trading.

U.S. stock and bond markets were closed for Labor Day, limiting conventional market activity. Cryptocurrency markets remained open, but lower participation can make short-term price movements less representative of broader institutional positioning.

Bitcoin slipped below $80,000 after the Bureau of Labor Statistics reported that U.S. nonfarm payrolls increased by 162,000 in August. The unemployment rate remained at 4.1%. The employment increase exceeded the average monthly gain of 31,000 recorded during the preceding year.

Following the release, traders increased the estimated probability of a September rate increase to approximately 58%, according to futures-market data cited by Reuters. That estimate is market pricing, not a Federal Reserve forecast or commitment.

As crypto.news reported, strong employment data pushed Bitcoin below $80,000 after the asset encountered resistance near $82,500. The immediate reaction showed how closely Bitcoin traders are watching monetary policy expectations.

Thursday’s PPI provides the first inflation test

The Bureau of Labor Statistics will publish the August Producer Price Index on Sept. 10 at 8:30 a.m. Eastern Time, according to its official calendar. PPI measures changes in the prices domestic producers receive for their output.

Economists expect headline producer prices to rise 0.4% from July, while core PPI is forecast to increase 0.3%. Annual producer inflation is forecast to accelerate from 4.7% to 5.4%.

Those figures remain forecasts. An upside surprise could reinforce concerns that higher energy and input costs are spreading through the economy. A softer result could reduce some pressure on Treasury yields and rate-hike expectations.

Producer inflation does not always pass directly into consumer prices. However, rising costs can affect company margins or reach consumers later, making Thursday’s report an early indication of the inflation conditions facing Federal Reserve officials.

Friday’s CPI could decide the rate-hike debate

The August Consumer Price Index will follow on Sept. 11 at 8:30 a.m. Eastern Time, the BLS confirmed. Economists surveyed by the Financial Times expect annual headline inflation to remain near 3.4%, while core inflation may ease to 2.4%.

The Federal Reserve has not indicated that one report will determine its decision. Officials consider inflation, employment, wages, consumer activity and financial conditions together. Still, the CPI release will be the final major inflation reading before September’s meeting.

A hotter-than-forecast report could strengthen expectations for a 25-basis-point increase. Higher policy-rate expectations often raise bond yields and the opportunity cost of holding non-yielding assets. They can also tighten financial conditions for speculative markets.

A softer report could support a pause, particularly after Governor Christopher Waller said he could favor leaving rates unchanged if inflation continued cooling. Bitcoin previously rose above $80,000 after Waller moderated hike expectations, although the subsequent employment report reversed part of that move.

Treasury demand adds another test for Bitcoin

The U.S. Treasury will auction reopened 10-year notes on Sept. 9, according to its tentative schedule. The securities are scheduled to settle on Sept. 15.

Weak demand could require a higher auction yield, potentially placing additional upward pressure on borrowing costs. Strong demand could help stabilize longer-term yields. Auction outcomes depend on bid levels, investor participation and the amount accepted from primary dealers.

Treasury yields have already become an important constraint for Bitcoin. In related coverage, rising Treasury yields stalled Bitcoin’s recovery earlier in 2026 as investors reassessed the path for U.S. interest rates.

The auction coincides with an increase in Treasury buyback limits for longer-dated securities beginning Sept. 9. Treasury said the revised limits will remain effective through Nov. 4. Buybacks can support market liquidity, but they do not guarantee lower yields.

The Fed decision arrives September 16

The Federal Open Market Committee will meet on Sept. 15 and 16. The Fed will release its policy statement at 2 p.m. Eastern Time on the second day, followed by Chair Kevin Warsh’s press conference at 2:30 p.m., according to the official calendar.

The meeting will include updated economic projections and officials’ expected rate paths. Those projections could move markets even if policymakers leave the current rate unchanged.

Bitcoin’s immediate levels remain approximately $80,000 and $82,500 on the upside, based on its recent trading range. A sustained move below the Sept. 5 low would weaken the recovery, while a close above recent resistance would provide stronger evidence of renewed demand.

The inflation releases will not predetermine Bitcoin’s direction. ETF flows, leverage, geopolitical risks and broader liquidity conditions will also influence the market. However, PPI, CPI and the Fed decision provide three dated catalysts capable of changing the rate expectations currently shaping BTC.