Citi Launches Enterprise-Grade Tokenized Deposit Service in Japan and UAE

Odaily News: Citi announced on September 28 that it has launched its enterprise-grade tokenized deposit service, Citi Token Services, in Japan and the UAE. Clients in Japan can transfer funds to accounts in already-enabled regions such as the US, UK, and Singapore almost instantly; the service supports USD in Japan, and cross-border transfers can be conducted 24/7 year-round.

The service is backed by bank deposits and processed on a permissioned chain managed by Citi, requiring no new account or crypto wallet. Its coverage has now expanded to 7 markets, including the US, Ireland, Hong Kong, Singapore, the UK, Japan, and the UAE.