Citibank launched enterprise-level tokenized deposit services in Japan and the UAE

Citi announced the launch of its enterprise-grade tokenized deposit service, Citi Token Services, in Japan and the UAE. Japanese customers can transfer funds almost instantly to accounts in regions such as the United States, the United Kingdom, and Singapore that have been activated; the service supports US dollars in Japan, and cross-border transfers can be conducted year-round, 24/7.

This service is backed by bank deposits and processed on a permissioned blockchain managed by Citi, requiring no new accounts or cryptocurrency wallets. The covered markets have expanded to seven, including the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan, and the UAE.