Citi has become the first US bank to process live transactions on Swift’s blockchain-based ledger . The transactions were completed with First Abu Dhabi Bank and Oversea-Chinese Banking Corporation. They represent the first transactions on Swift’s ledger in the Middle East and Southeast Asia, respectively.
Citi expects to complete similar transactions with additional participating banks, including DBS and United Overseas Bank, later this month. The pilot runs from July to December 2026 and is exploring how shared ledger technology can support payment commitments across currencies. It also connects digital and traditional financial infrastructure.
Swift’s ledger records payment commitments using blockchain technology and is designed to support tokenised deposits . Final settlement can continue through established mechanisms such as real-time gross settlement (RTGS) . The model is intended to support around-the-clock payments and settlement while improving recipients’ access to funds and banks’ liquidity visibility.
The pilot forms part of Citi’s broader digital asset strategy within its Services division. Citi’s existing offerings include 24/7 USD Clearing, Citi Token Services and Citi Custody+. Its 24/7 USD Clearing service supports more than 300 bank clients globally, while Citi Token Services has processed close to $1bn in transactions through its blockchain-based platform.
Citi and DBS described the initiative as a way to connect traditional banking infrastructure with emerging digital networks. The pilot is testing whether blockchain-based infrastructure can operate alongside existing banking networks rather than replace them. Swift’s ledger pilot will continue through December 2026, with participating banks expected to conduct further transactions.