Citi runs live transactions on Swift’s blockchain ledger

Citi has processed live transactions on Swift’s shared blockchain ledger and is the first U.S. bank to run native ledger transactions. The bank completed pilot trades with First Abu Dhabi Bank in the Middle East and Oversea-Chinese Banking Corporation in Southeast Asia as part of a controlled proof-of-concept running from July to December 2026. Citi expects to run additional transactions with DBS and United Overseas Bank later this month.

The activity is part of Citi’s Services business and expands the bank’s digital asset capabilities across cash and securities. Citi highlighted integrated products that connect to the shared ledger, including 24/7 USD Clearing, Citi Token Services and Citi Custody+. The 24/7 USD Clearing service supports more than 300 bank clients worldwide, and Citi Token Services has processed about $1 billion in transactions on its blockchain platform.

Swift’s ledger uses a shared blockchain infrastructure to record tokenized deposits and enable instant payment commitment, while relying on existing settlement models such as real-time gross settlement (RTGS) for final settlement. The design allows payments and securities to move outside traditional banking hours, removing cut-off time constraints and weekend closures.

Citi described the pilots as tests of interoperability between existing banking systems and emerging token networks. The global pilot will document which transaction types and settlement arrangements can run on the ledger and how tokenized cash and securities interact across banks and jurisdictions. Results from the July–December proof-of-concept are expected to inform further technical work and industry adoption timelines.

DBS commented that the Digital Ledger can bridge traditional banking infrastructure and digital networks, helping create common standards and more interoperable transactions. OCBC said the live pilots show bank-issued digital money can move across borders more efficiently and securely, which could give corporates faster access to funds, greater payment certainty and improved liquidity management. UOB noted its upcoming U.S. dollar test with Citi will examine cross-market interoperability and collaboration on payment infrastructure.