Citi, DBS complete first tokenized cross-border deposit on Swift

This is a meaningful proof-of-concept because it pairs two major banks with Swift's infrastructure, signaling that tokenized deposits are moving from isolated experiments toward interoperable, institution-grade rails. The focus on bypassing banking hours addresses a real friction point for treasuries and corporates managing global liquidity. The open question is whether this scales beyond bilateral arrangements into a network effect, and how regulators will treat settlement finality across jurisdictions.