Citi Token Services is Citi's tokenized deposit platform: it turns client deposits into tokens on a Citi-run private permissioned blockchain so institutions can move money between Citi accounts 24/7, near instantly. Citi unveiled it on September 18, 2023, and by September 28, 2026 it was live in seven markets: the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan and the UAE.
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The service is part of Citi Services, the bank's treasury and payments business. It is not a stablecoin and it is not open to the public. This article covers how Citi Token Services works, its timeline, how it links to Citi's 24/7 USD Clearing, named clients, and where it falls short. For peer platforms, see Kinexys by J.P. Morgan and Partior.
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Citi Token Services is a Citi-owned blockchain and smart contract system that represents client deposits as tokens, letting corporate and institutional clients move liquidity between Citi branches at any hour. Citi runs every node, so clients connect through normal Citi channels without hosting blockchain infrastructure. It covers cash management and trade finance use cases.
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Citi's 2023 announcement described the platform as integrating tokenized deposits into Citi's global network for "always-on" cross-border payments, liquidity management and automated trade finance. It stated the technology is owned and managed by Citi and that clients need not run their own node. Shahmir Khaliq, then Global Head of Services, said in that release that "digital asset technologies have the potential to upgrade the regulated financial system."
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A client's deposit at one Citi branch is represented as a token on Citi's private ledger. When the client instructs a transfer, the token moves to another Citi account, in the same or another country, and the ledger updates balances instantly. Smart contracts can hold funds until conditions are met, which supports programmable payments and trade finance.
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Because the tokens are Citi deposits, there is no separate reserve and no public chain. The September 2025 release calls it a private permissioned blockchain for tokenized internal liquidity transfers within Citi's network. The trade-finance side replaces bank guarantees and letters of credit with smart contracts that release payment when shipping or delivery conditions are confirmed.
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Citi announced the platform in September 2023 after pilots with Maersk, moved the cash product from pilot to live commercial service in October 2024, added 24/7 USD Clearing integration in September 2025, added euro through Dublin in November 2025, and expanded to Japan and the UAE in September 2026.
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Citi has not published a transaction total. Its November 2025 release and September 2026 release both say only that the service processes "billions of dollars in transactions."
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On its own, Citi Token Services only moves money between Citi accounts. Integration with Citi's 24/7 USD Clearing, announced in the September 2025 release, lets a tokenized balance pay out to accounts at other banks at any hour, extending the reach from Citi's own branches to the wider set of banks connected to that clearing service.
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The September 2025 release said 24/7 USD Clearing handled active transactions for over 250 banks across more than 40 markets, and that Citi serves 1,500 financial institution customers globally. By July 2026, Citi described the network as more than 300 connected financial institutions in over 50 markets (Citi, Jul 2026).
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The first live financial-institution use came from Thailand. Citi said the first transaction was completed by Phillip Securities Thailand, with USD moving from a Citi London account held by Phillip Capital Inc, another PhillipCapital subsidiary, to a Siam Commercial Bank beneficiary account over a U.S. holiday weekend, per the July 2026 release. Mridula Iyer, Citi's Asia South Head of Services, called it an industry first that "bridges traditional and digital rails."
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Named users include Mars, Incorporated as the early adopter for the cash product, Maersk in the 2023 trade pilot, CB Fenton and GAC Panama Shipping in trade pilots, and Siam Commercial Bank as the first financial-institution client on the USD Clearing integration. Citi targets multinational corporates and banks.
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"This solution has enabled us to initiate and program instant payments and liquidity movement between our Citi accounts, reducing friction." Mayela Stuparitz, Global Treasury Director, Mars, in Citi's October 2024 release.

Ryan Rugg, Citi's Head of Digital Assets for Treasury and Trade Solutions, said in the same 2024 release that Citi had "created a patented programmable payment and liquidity platform." Maersk's regional treasury manager Marie-Laure Martin was quoted on the pilots in the 2023 announcement.
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Citi Token Services and J.P. Morgan's Kinexys are both single-bank tokenized deposit systems. Kinexys has also put a deposit token, JPMD, on the public Base network, while Citi has kept its tokens on a private ledger. Partior is different: a multi-bank shared ledger owned by several institutions.
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J.P. Morgan reports Kinexys volume publicly, above $7 billion a day on its Kinexys page; Citi does not publish a comparable figure. Citi's route to other banks runs through its own 24/7 USD Clearing, while Partior uses designated settlement banks on a shared ledger (see What Is Partior?). Treasurers holding both bank deposit tokens and public stablecoins often need a separate layer, such as Eco, to route stablecoin balances across chains; Citi Token Services itself does not touch public chains.
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The platform only works for Citi clients and only in live markets. It carries USD and EUR, not the full currency range of Citi's network, and Citi has not disclosed transaction totals. Payments to other banks depend on the separate USD Clearing integration rather than on tokens moving outside Citi.

No. It uses tokenized deposits on a private permissioned blockchain run by Citi (Citi, 2023).
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USD and EUR, with euro added in November 2025.
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The US, Ireland, Hong Kong, Singapore, the UK, Japan and the UAE as of September 28, 2026.
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No. Citi owns and manages the infrastructure.
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Citi named Mars as the early adopter of the live cash service in October 2024.
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All facts come from Citi press releases on citigroup.com, fetched September 30, 2026, plus one J.P. Morgan page for comparison.