DBS and Citi have completed the first tokenized cross-border payment between Singapore and the United States over a blockchain-based settlement rail, marking a concrete step in banks’ shift from traditional transfer timelines toward near-instant processing.

The transaction was executed on Saturday using tokenized deposits via the Swift Digital Ledger, according to DBS, which said the deposit was finalized in minutes—an improvement over the “as long as two business days” timeline typical of conventional cross-border transfers. DBS made the announcement on Monday.

Key takeaways

• DBS and Citi completed a Singapore-to-US cross-border payment using tokenized deposits on the Swift Digital Ledger.
• DBS said the deposit was settled in minutes, contrasting with traditional cross-border transfers that can take up to two business days.
• The experiment highlights how major banks are testing blockchain rails while still operating within banking deposit structures.
• Swift’s blockchain ledger work is moving from pilots toward broader operational use, following earlier live demonstrations.

Tokenized deposits on Swift’s digital ledger go live

DBS described the weekend transfer as a landmark milestone for cross-border payments, not only because it used the Swift Digital Ledger, but also because it relied on tokenized deposits rather than switching to a fully crypto-native model.

Under this approach, banks can represent deposit value as tokens while keeping the transaction rooted in regulated banking balance sheets. DBS framed the speed of finalization as a key differentiator: settling within minutes rather than waiting through banking-day cutoffs and correspondent processes that often slow down international payments.

A shift from pilots to operational momentum

This development sits within a longer sequence of Swift blockchain efforts. In August, Standard Chartered and HSBC became the first banks to complete a live tokenized cross-border transaction using Swift’s blockchain ledger—showing that the concept could work outside a closed test environment.

Earlier, Swift said its blockchain-based ledger was ready for initial use and that it was preparing to pilot tokenized cross-border payments with 17 major banks. The pilot group included Citi, DBS, HSBC, BNP Paribas, UBS, ANZ, and Standard Chartered, as noted in reporting on Swift’s preparations.

With DBS and Citi now completing the Singapore-US leg using the ledger, the focus appears to be moving from feasibility and interbank coordination toward repeatable processing that can be integrated into existing banking workflows.

Why keeping deposits “inside” banking matters

While blockchain rails are often discussed in the context of digital assets, the direction implied by DBS’s framing is different: tokenization here is being used to streamline settlement while preserving familiar deposit mechanics.

That matters for multiple reasons. First, it can reduce friction for counterparties that are more comfortable with the compliance and operational controls already embedded in deposit-based systems. Second, it provides a path to faster settlement without necessarily requiring participants to hold or transfer tokens as their primary payment method for everyday banking.

In other words, these transactions suggest a hybrid model: blockchain for settlement efficiency, traditional deposits for value custody and regulated banking integration.

Plans for broader tokenized deposit networks

The weekend result also fits into plans for future deposit token infrastructure in the United States. In June, The Wall Street Journal reported that Citi and other large US banks plan to launch a separate tokenized deposit network in the first half of 2027, operated by The Clearing House. The WSJ report cites David Watson, CEO of the bank-owned payments operator, in connection with the initiative.

Separately, DBS and JPMorgan have also outlined longer-term work. In November 2025, Cointelegraph reported that the two banks revealed plans to develop a blockchain-based tokenization framework aimed at enabling onchain transfers between their respective deposit token ecosystems and potentially setting an industry standard for cross-bank payments.

Taken together, these efforts point toward an emerging competitive and collaborative landscape: banks testing tokenized rails in production while simultaneously planning next-generation network designs that could expand interoperability beyond individual bilateral relationships.

Looking ahead, market participants will likely watch whether speed improvements translate into consistent, scalable settlement performance across more corridors, and whether Swift-led ledger usage broadens beyond early pairs like DBS-Citi—especially as parallel tokenized deposit network plans move from announcements toward delivery.

Bitcoin (BTC) drifted lower on Monday as a low-liquidity environment erased the weekend’s gains above $80,000.

Key points:

• Bitcoin dips 2% below $80,000 after its highest weekly close since the start of May.
• Traders are in wait-and-see mode ahead of the week’s key volatility catalyst in the form of US inflation data.
• Analysis praises Bitcoin’s “resilience” as a narrow range holds since mid-August. 

Bitcoin needs US inflation catalyst: Analysis

Data from TradingView showed BTC/USD down nearly 2% on the day at the time of writing. This price action comes after its first weekly close above $80,000 since early May.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

With US markets closed for the Labor Day holiday, thinner order books increased the chances of sudden moves to target liquidity both above and below the spot price. Data from CoinGlass showed liquidations evenly split between long and short positions over the past 24 hours, with the cross-crypto total at $178 million. 

Crypto liquidation history (screenshot). Source: CoinGlass

Liquidity thickened over the course of Monday, with concentrations at $80,500 and $78,800 providing nearby short-term targets.

Crypto liquidation heatmap. Source: CoinGlass

In comments, trading company QCP Capital flagged declining overall volatility, suggesting that traders required external catalysts. These are due in the form of US inflation data on Thursday and Friday, which is likely to impact market expectations for interest-rate hikes by the Federal Reserve.

“Near-term volatility compression, despite approaching catalysts, reflects a market waiting for clarity rather than pricing in strong directional views,” QCP wrote in its latest analysis. It added that the “market is positioned for a directional break once the inflation data arrives.”

BTC price “resilience” draws attention

Despite moving in a confined range since Aug. 21, BTC/USD offered bullish signals and held the majority of its 25% gains from earlier last month. 

Related: Here’s what happened in crypto today

BTC/USD one-day chart. Source: Cointelegraph/TradingView

In comments sent to Cointelegraph, Ryan Lee, chief analyst at Bitget, noted that Bitcoin had digested last week’s US macro volatility trigger, which was a surprise uptick in nonfarm payrolls numbers.

“Bitcoin’s resilience is notable because stronger employment would normally put upward pressure on yields and the dollar, creating a tougher environment for risk assets,” he said. 

“The market’s ability to absorb that repricing suggests investors are not treating a potential Fed hike as the only factor driving Bitcoin at current levels.”

As Cointelegraph reported, the US spot Bitcoin exchange-traded funds (ETFs) also remain on the radar following Thursday’s $730 million net inflows. This was the cohort’s highest single-day tally since January.

The Bangko Sentral ng Pilipinas (BSP) has proposed a temporary pause on new registrations for payment-system operators while tightening how banks and other BSP-supervised institutions handle payment arrangements involving regulated virtual asset service providers (VASPs). The move, set out in a draft circular, is designed to give the regulator time to “holistically” review its approach to licensing and the taxonomy used for payment-system oversight.

Under the proposal, the BSP would suspend the acceptance and processing of applications from entities seeking to operate payment systems for 12 months. Applications already submitted before the suspension would still be assessed, but the BSP would not approve or deny them until the pause period ends—effectively freezing new licensing decisions in the segment while the framework is reviewed.

Key takeaways

• The BSP proposes a 12-month halt on accepting new payment-system operator (OPS) registration applications to complete a review of its licensing and taxonomy.
• Existing applications would continue to be evaluated, but BSP would delay approval or denial until the pause ends.
• Banks and BSP-supervised institutions that offer merchant acquisition services would have to route merchant relationships with regulated VASPs through direct arrangements with added risk controls.
• The stricter requirements would apply to VASPs licensed, registered, or authorized by the BSP, the Philippine Securities and Exchange Commission (SEC), or another relevant authority.
• The draft would take effect 15 days after publication if finalized, and BSP is currently collecting feedback.

OPS registration pause aims at revising the regulator’s framework

In the draft circular, the BSP says it would suspend acceptance and processing of OPS applications as part of a “holistic review” of its taxonomy and licensing framework for payment systems. The regulator’s intent is not to immediately deny new entrants, but to slow the flow of new licensing activity while it revises how payment operators are categorized and supervised.

Importantly, the suspension would not wipe out pending work. Applications submitted before the pause would be allowed to continue through evaluation, but BSP would withhold any approval or denial until the 12-month review period concludes. The proposal also states that entities would not be allowed to start activities that require OPS registration unless the BSP grants authorization outside the standard process.

Merchant acquisition rules tighten for regulated crypto-related payments

Alongside the OPS pause, the BSP’s draft includes specific constraints for merchant acquisition services—functions commonly tied to how merchants are onboarded and how card or payment processing is enabled.

According to the draft, BSP-supervised institutions offering merchant acquisition services would need to handle regulated VASPs through direct merchant arrangements. Those relationships would be subject to enhanced due diligence and monitoring, as well as transaction and settlement limits and other risk-based controls.

For market participants, the practical impact is straightforward: even if a VASP is properly regulated, payment rails managed by BSP-supervised intermediaries would still face stricter oversight. The draft does not describe the exact level of transaction or settlement limits, but it explicitly requires risk-based measures as part of the direct arrangement model.

Which businesses are in scope—and why VASPs are grouped with higher-risk categories

The BSP draft is explicit that the requirement would apply to VASPs that are licensed, registered, or authorized by the BSP, the SEC, or another relevant authority. It frames VASPs as a type of regulated entity that will fall under the same kind of heightened scrutiny typically used for other higher-risk sectors.

In the proposal, VASPs are listed alongside categories that include gambling businesses, gaming providers, adult-oriented businesses, and money service businesses. While the draft does not equate all these industries in terms of risk, the grouping suggests the BSP intends to treat crypto-related payment arrangements with a risk-control mindset rather than relying solely on “regulated” status.

That matters for businesses seeking to expand merchant processing services to crypto platforms: the BSP’s draft indicates that compliance architecture—including enhanced due diligence and active monitoring—will be central to approvals and ongoing operations, not an afterthought.

Timeline and next steps for the draft circular

The BSP states that if the draft circular is finalized, it would take effect 15 days after publication. The central bank is currently accepting feedback, meaning the eventual final rule could reflect adjustments based on industry comments.

Cointelegraph reported that it reached out to the BSP for additional information but did not receive a response before publication.

Related coverage from Cointelegraph notes that the Philippines SEC has flagged certain platforms as unauthorized—highlighting that Philippine regulators are actively working to enforce permissions and oversight for crypto-related activity. Against that backdrop, the BSP’s payment-system proposal appears focused on strengthening payment integrity and controls, particularly where payments interface with regulated virtual asset firms.

What to watch as BSP reviews its payment licensing approach

For investors, payments providers, and regulated VASPs planning expansion, the immediate question is whether the final rules will further define the scope of merchant acquisition limits and the specific due-diligence standards expected for direct arrangements. The next watchpoint is the 12-month OPS application suspension: once the pause ends, BSP’s revised taxonomy and licensing framework could determine how quickly new payment-system entrants can obtain approvals and under what conditions.

The U.S. Treasury Department fully launched its government debt buyback program on Sep. 7, boosting market expectations regarding the near-term liquidity of Bitcoin and XRP.

The program has a weekly cap of $14.5 billion. According to the blockchain media outlet U.Today, the maximum execution volume for a single trading day could reach $16.5 billion.

Market attention is focused on Sep. 9. On that day, the U.S. Treasury plans to raise the per-operation cap for long-term Treasury buybacks from $2 billion to $4 billion, targeting securities with maturities of 10 to 30 years. The total value of bonds the Treasury plans to repurchase from the market in September is approximately $38.25 billion. During the same period, the Federal Reserve plans to invest up to $2.122 billion in short-term Treasury securities under its principal reinvestment program.

The cryptocurrency market is closely watching whether the capital flowing in through major banks and dealers will spur demand for risk assets. Authorities have described the multi-billion-dollar injection as a “routine” measure. However, traders believe that the funds injected through the Treasury’s repurchase of older bonds could serve as a potential catalyst for cryptocurrency prices to break out of their long-standing trading ranges.

As of early September, net inflows into US spot XRP ETFs have exceeded $1.66 billion. The market is closely watching whether US dollar liquidity can help XRP break through the key resistance level of $1.70 and subsequently advance toward the psychological $2 mark.

However, policy uncertainties remain; on Sep. 15, the U.S. Senate is set to hold a crucial vote on the Clarity Act. For XRP, this date is considered one of the most significant catalysts of the autumn. With market volatility remaining high, prices repeatedly trading sideways and trending downward, investors face major challenges, creating an urgent need for a new asset management strategy that supports XRP.

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