The latest developments in tokenized finance have reached a significant milestone with DBS and Citi completing a cross-border dollar payment on September 5, 2026, using tokenized deposits over the weekend through the Swift Digital Ledger. According to crypto.news, this Singapore-to-U.S. payment was executed within minutes, demonstrating that tokenized commercial bank money can move internationally outside normal banking hours. However, Global Settlement Network CEO Ryan Kirkley warns that the available information does not establish whether every underlying obligation reached final legal settlement immediately, raising critical questions about settlement finality and liquidity requirements during non-business hours.
Crypto trading platform Bybit has announced ambitious plans to launch a comprehensive 'super app' in Europe that will integrate traditional banking services with cryptocurrency trading. According to Bybit founder and CEO Ben Zhou, the company has obtained an Electronic Money Institution (EMI) license from the Austrian Financial Market Authority (FMA) and already holds a MiCA license covering the EU market, with expectations to obtain a MiFID license within approximately two months. The platform will allow users to open personal accounts with an IBAN for receiving salaries, paying bills, and making local and third-party transfers, while also enabling the use of stablecoins and other crypto assets. After obtaining the MiFID license, Bybit plans to offer regulated derivatives and direct US stock investment services, allowing users to hold stocks such as Apple and Tesla, and trade products like CFDs, gold, silver, commodities, and oil. Founded in 2018, Bybit currently has over 80 million users and will continue its cooperation with xStocks on tokenized stocks, potentially offering direct stock trading services through partners such as Alpaca or Saxo Bank.
Canada's banking regulator has released its third Quarterly Release of 2026, advancing planned policy work across multiple financial sectors. According to OSFI's latest announcement, the updates are largely final versions of previously released draft guidance, continuing the intentional, sustained work led by OSFI over the past two years to modernize its regulatory and supervisory framework. The release focuses on capital, disclosure, concentration risk, crypto-asset exposures, interest rate risk, and insurance reporting, with OSFI making clear, targeted adjustments that continue to support a resilient and competitive financial system. As reported by OSFI, the regulator's primary focus remains the resilience of the financial system while making calibrated adjustments to support Canadian competition and growth. On September 24, 2026, OSFI will hold a virtual Industry Day to provide stakeholders with opportunities to ask questions about the new guidance. Peter Routledge, Superintendent of Financial Institutions, emphasized that "Resilience is what gives financial institutions the capacity to lend, invest, and support Canadians throughout the business cycle."
Canada's banking regulator has provided crucial clarity for the digital finance sector by confirming that tokenized deposits are not legally distinct from traditional deposits, regardless of the technology used to issue or deliver them. According to OSFI's latest statement, the regulator's technology-neutral approach means the legal nature of a financial product depends on what it is, not the technology behind it. This clarification gives federally regulated financial institutions a clearer path to develop deposit products using blockchain and other digital technology while maintaining existing regulatory compliance. The statement emphasizes that OSFI supports innovation and competition within a strong and resilient Canadian financial system, specifically noting that advances in digital financial technology are enabling financial institutions to develop innovative financial products and services. Since August 2024, OSFI streamlined how it releases guidance through its Quarterly Releases followed two weeks later by Industry Day, ensuring continued transparency and predictability.
The growing adoption of tokenized payments raises critical questions about settlement finality and weekend liquidity requirements. As Global Settlement Network CEO Ryan Kirkley explains, "I think the important distinction here is between seeing a payment complete on a digital ledger and knowing that every obligation underneath it has reached final legal settlement." The DBS-Citi payment demonstrates that tokenized commercial bank money can move internationally over weekends, but public disclosures may not provide sufficient information to determine whether every underlying obligation became final at the exact moment the ledger recorded the transfer. Banks unable to replenish central bank money during weekends may need to fund tokenized payment systems in advance or hold larger liquidity buffers to cover possible customer transfers until traditional settlement infrastructure reopens. Kirkley warns that "If we make payments instant but require significantly more trapped liquidity to support them, we have solved one problem by creating another." The issue carries particular weight for dollar payments because the U.S. currency appears on one side of 89.2% of global foreign exchange trades, with limited weekend FX liquidity potentially resulting in wider spreads or other costs for institutions using 24/7 payments.
The regulatory clarity comes as banks globally test tokenized deposits for payments and settlement using blockchain infrastructure. According to reports from crypto.news, in July 2026, Swift launched a blockchain ledger with 17 banks across six continents preparing to test tokenized deposit payments for round-the-clock cross-border settlements. Participating institutions included major banks such as HSBC, Citi, BNP Paribas, UBS, Standard Chartered, ANZ and DBS. The system moved into live transactions in August 2026 when HSBC and Standard Chartered connected their independently operated tokenized deposit platforms through Swift's shared ledger. DBS and Citi's New York office completed the Singapore-to-U.S. payment on September 5, 2026, using tokenized deposits on the Swift Digital Ledger, allowing the payment to be executed over the weekend within minutes. Traditional cross-border payments can take up to two business days, but the tokenized system avoided delays caused by different time zones and conventional payment system closures.
Banks are exploring different approaches to tokenized deposits beyond traditional models. As reported by crypto.news, Custodia Bank and Vantage Bank unveiled a dual-purpose token designed to function as a bank deposit within their Hazel banking network and become a stablecoin when transferred outside the consortium. The Ethereum-based system has been operating since March 2026 and is being tested by participating banks ahead of a planned fourth-quarter 2026 launch. Another model announced by LayerZero and Keeta in July focuses on moving commercial bank money across public blockchain networks, covering nine currencies including the Canadian dollar, U.S. dollar, euro, British pound, Japanese yen and Hong Kong dollar. Large U.S. banks are also developing systems designed to connect tokenized bank money, with JPMorgan Chase, Citi, Bank of America and Wells Fargo reportedly working through The Clearing House on a shared tokenized deposit network targeted for launch in the first half of 2027.
