Citi Token Services Reaches Japan and the UAE, Taking Its Tokenised Deposit Network to Seven Markets
Updated: 6 days ago
Citi announced on 28 September 2026 that Citi Token Services, its service for moving client money around the clock on a blockchain based ledger, is now available in Japan and the United Arab Emirates. The network now covers seven markets: the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan and the UAE.
The service lets corporate and financial institution clients move funds between accounts without the cut-off times and holiday calendars that limit conventional banking. Citi also positions it for liquidity and collateral management and for cross-border payments. In Japan the service handles US dollar transactions. In the UAE it handles US dollars and euros.
Citi says the service "continues to process billions of dollars in transactions". The release does not say how much moves through the service, how many clients use it, or how much of that activity sits in the two new markets. Stephen Randall, Citi's Global Head of Liquidity Management Services, called the expansion "an important milestone in scaling our network and bringing 24/7 liquidity solutions to more of the markets where our clients operate".
What is actually new
The news is geographic rather than technical. A product that already ran in five markets now runs in seven, and it does so for a specific client need: corporate treasurers who hold cash in several countries and currencies and want to move it outside banking hours. That is a narrower and more commercial use case than the broad claims often made for tokenised money, and it is one where a single global bank can offer a working service without waiting for an industry wide standard.
It also sits in contrast with what other banks are doing. Earlier this month UK lenders completed their first interbank payments using tokenised deposits, and the Canadian banks have begun work on a shared network. Those are efforts to connect competing banks to each other. Citi's network connects a single bank's own accounts across borders. Both approaches move deposit money on a ledger, but they answer different questions, and they may not be interchangeable.
Why it matters for the UK
The United Kingdom is already on Citi's list, so this announcement does not change the position of UK clients. The release does not say which currencies the service supports in the UK or announce anything new there. The UK relevance is indirect: a large global bank is building a cross-border tokenised cash network at the same time as UK banks build a domestic one, and the question for London is how the two eventually meet.
What the release leaves open is where the limits lie. It does not say whether clients of other banks can interoperate with the service, or how much of the reported activity is routine client use rather than pilot flows. Those are the details that would show whether this is market formation or a well run proprietary product.
Key Takeaways
Citi Token Services is now live in seven markets after adding Japan and the UAE on 28 September 2026.
The service is aimed at institutional clients that want 24/7 movement of money, liquidity and collateral.
Citi reports only that it processes "billions of dollars", with no client numbers or volumes disclosed.
The UK was already in the network, and no new UK capability was announced.
The open question is interoperability with other banks' tokenised deposit networks.
Sources
Citi press release, 28 September 2026: https://www.citigroup.com/global/news/press-release/2026/citi-token-services-expands-global-footprint-japan-united-arab-emirates
Business Wire, 28 September 2026: https://www.businesswire.com/news/home/20260928170461/en/Citi-Token-Services-Expands-Global-Footprint-Into-Japan-and-UAE
How we got here
Citi describes Citi Token Services as running on a private, permissioned blockchain operated by the bank. According to Citi's November 2025 release, the cash version of the service went live in 2024. In September 2025 it was connected to Citi's 24/7 USD Clearing platform, linking tokenised balances to the bank's round the clock dollar payments.
In November 2025 Citi added euro transactions and a new location in Dublin, with that rollout subject to regulatory approval. At that point the service was live in the US, the UK, Singapore and Hong Kong. The September 2026 release lists Ireland, Japan and the UAE alongside them, which explains the count of seven. Citi has not published market by market launch dates or volumes at any stage, and the same "billions of dollars" description appears in both the 2025 and 2026 releases.
What it means for UK founders
For most UK startups this is not a product they can use directly. It is built for corporate and institutional clients of Citi's treasury business. Its relevance lies in what it signals about business banking: payments and liquidity that move outside banking hours, and settlement that can be tied to a condition being met.
The domestic route is moving at the same time. On 24 September 2026, UK Finance reported the first transactions in the Great British Tokenised Deposit pilot, which involves Barclays, HSBC, Lloyds, Monzo, NatWest, Nationwide and Santander. The tests covered remortgage funds released once a property transfer was confirmed, and a simulated marketplace payment released on verified delivery. Participants plan to set up a company and rulebook, and aim to issue three digital bonds settled with tokenised deposits in the first quarter of 2027. Euronews reports that the Bank of England favours tokenised deposits over privately issued stablecoins.
Founders building payments, treasury or tokenised asset settlement products may want to follow both models. A product that plugs into one bank's network and a product that relies on an interbank rulebook face different integration and regulatory questions, and founders may want to take professional advice on any FCA permissions involved.
Key facts at a glance
2024: Citi Token Services for cash goes live, according to Citi.
September 2025: the service is integrated with Citi's 24/7 USD Clearing platform.
November 2025: euro support and a Dublin location are added.
28 September 2026: Japan (US dollars) and the UAE (US dollars and euros) go live.
Technology: a private, permissioned blockchain run by Citi.
Further reading
Frequently asked questions
What is Citi Token Services?
Citi Token Services is Citi's service for moving client money around the clock on a blockchain based ledger. It lets corporate and financial institution clients move funds between accounts without the cut-off times and holiday calendars of conventional banking, and is also positioned for liquidity, collateral management and cross-border payments.
Which markets does Citi Token Services cover?
After Citi added Japan and the United Arab Emirates on 28 September 2026, the network covers seven markets: the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan and the UAE.
Which currencies does Citi Token Services support in Japan and the UAE?
In Japan the service handles US dollar transactions. In the UAE it handles US dollars and euros.
How much volume does Citi Token Services process?
Citi says only that the service continues to process billions of dollars in transactions. It has not disclosed exact volumes, client numbers or how much activity sits in the new markets.
How is Citi Token Services different from UK interbank tokenised deposit payments?
UK lenders' interbank work and the Canadian banks' shared network aim to connect competing banks to each other. Citi's network connects a single bank's own accounts across borders, so the two approaches answer different questions and may not be interchangeable.
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