Key Takeaways
According to BlockchainReporter, Citi completed live tokenized-deposit transactions on Swift's blockchain ledger with First Abu Dhabi Bank and OCBC.
According to BlockchainReporter, Citi announced on September 2 that it completed live transactions with First Abu Dhabi Bank and OCBC on Swift’s blockchain-based ledger. The bank stated it is the first U.S. institution to conduct live native-ledger transactions on the system, extending Swift's controlled tokenized-deposit pilot into the Middle East and Southeast Asia.
The activity included the first transactions processed in the Middle East with FAB and in Southeast Asia with OCBC. The announcement did not disclose transaction values, currencies, or client names. Citi plans to conduct similar transactions with DBS and United Overseas Bank later in September. The proof-of-concept phase runs through December 2026, leaving commercial availability and broader rollout timetables unresolved.
Swift's model uses shared blockchain infrastructure to record instant payment commitments using tokenized deposits while retaining real-time gross settlement systems for final settlement. Citi connected the work to its 24/7 USD Clearing, Citi Token Services, and custody infrastructure. Citi reported that its 24/7 dollar clearing service supports over 300 bank clients, and Citi Token Services processes approximately $1 billion in transactions, representing adjacent infrastructure rather than Swift pilot volumes.
Source & Fact-Check Note
This report is synthesized from coverage by BlockchainReporter. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at BlockchainReporter ↗
