Singapore Banks Complete Live Tokenised Deposit Transactions

Three of Singapore's largest banks have carried out live domestic transactions in Singapore dollars using tokenised deposits on a ledger developed by Swift. DBS, OCBC and UOB took part, according to a report published on Sept. 14, 2026. The effort points to growing interest in blockchain-based infrastructure for bank money, rather than only for crypto assets.

Tokenised deposits are digital representations of commercial bank liabilities. Unlike stablecoins, which can be issued by non-bank entities, they remain claims on regulated banks. Using them for domestic payments could allow institutions to move value across a shared programmable ledger while keeping settlement inside the existing banking system.

Swift's role is notable because the cooperative has long connected banks through traditional messaging. Its blockchain-based ledger is intended to support new forms of settlement and interoperability. The Singapore trial suggests that lenders are testing whether such shared infrastructure can handle real payments in a major currency, not just conceptual pilots.

The transactions do not by themselves signal a broad shift in how Singapore dollars are cleared. Banks and regulators are still assessing legal, operational and risk questions. Yet the participation of DBS, OCBC and UOB gives the effort a practical dimension, showing how tokenised deposits might one day complement existing payment rails in the city-state's financial hub.