- Citi has expanded Citi Token Services to Japan and the United Arab Emirates (UAE).
- The blockchain-based platform uses tokenized deposits and a private blockchain to move funds between Citi accounts almost instantly.
- The service will support USD transactions in Japan and both USD and EUR transactions in the UAE.
Citi Expands Tokenized Payment Services to Japan and the UAE
Citi has expanded its Citi Token Services platform to Japan and the United Arab Emirates, adding two new markets to its blockchain-based payment and liquidity infrastructure. The move extends Citi’s digital transaction capabilities for businesses and financial institutions across additional cross-border payment corridors.
Citi Token Services uses tokenized deposits and a private blockchain to transfer funds between Citi accounts almost instantly. The platform is designed to support cross-border payments, liquidity management and collateral transfers without being constrained by traditional banking hours or time zones.
Transaction Currencies Differ by Market
In Japan, Citi Token Services will support transactions denominated in U.S. dollars. In the UAE, the service will support both U.S. dollar and euro transactions, giving participating businesses and financial institutions access to tokenized payment capabilities in two currencies.
Citi is a global financial services company serving businesses and financial institutions. By extending Citi Token Services into Japan and the UAE, the bank is adding new regional access points to an infrastructure intended to streamline the movement and management of funds between Citi accounts.
Why This Matters
The expansion highlights the growing use of blockchain-based infrastructure in institutional payments and liquidity operations. Tokenized deposits and private blockchain transfers can help financial institutions manage cross-border funds and collateral with fewer limitations linked to conventional banking schedules and international time zones. The newly added markets also broaden the currencies and regions covered by Citi Token Services.
Frequently Asked Questions
What is Citi Token Services?
Citi Token Services is a blockchain-based payment and liquidity platform that uses tokenized deposits and a private blockchain to move funds between Citi accounts almost instantly.
Where has Citi expanded the service?
Citi has expanded Citi Token Services to Japan and the United Arab Emirates (UAE).
Which currencies will the service support?
The service will support U.S. dollar transactions in Japan, while the UAE deployment will support both U.S. dollar and euro transactions.