Citi expands tokenized deposit network to Japan and UAE

Citi has expanded its Citi Token Services to Japan and the United Arab Emirates, bringing its 24/7 tokenized deposit network to seven global markets. The service utilizes blockchain technology to enable programmable, near-instantaneous movement of liquidity, allowing corporate and institutional clients to transfer funds outside of traditional banking hours and across different time zones.

In Japan, the service supports transactions in US dollars. In the United Arab Emirates, the network supports both US dollars and euros. This expansion joins existing markets including the United States, Ireland, Hong Kong, Singapore, and the United Kingdom.

The network operates on a private-permissioned blockchain, restricting access to verified clients within Citi’s global network to ensure security and control. Stephen Randall, Citi’s Global Head of Liquidity Management Services, stated that the expansion is a significant milestone in scaling the network to provide 24/7 liquidity solutions in more markets where clients operate.