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Citi said on September 2 that it completed live transactions with First Abu Dhabi Bank and OCBC on Swift’s blockchain-based ledger. In its announcement, the bank described itself as the first U.S. institution to conduct live native-ledger transactions on the system. The transfers extend Swift’s controlled tokenized-deposit pilot to new banks and regions rather than marking the ledger’s first live transaction overall.
Citi Adds Middle East and Southeast Asia Transactions
Citi said the completed activity included the first transaction processed in the Middle East region with FAB and the first in Southeast Asia with Singapore-based OCBC. The announcement did not disclose transaction values, currencies or client names, limiting any assessment of scale. It does, however, show another group of regulated banks moving from ledger preparation to live activity.
The development follows an earlier live tokenized-deposit transaction between HSBC and Standard Chartered. That chronology matters: Citi’s milestone broadens participating institutions and geographic coverage, but does not supersede the earlier first interbank transfer.
The Pilot Remains Controlled Through December
Citi expects to conduct similar transactions with DBS and United Overseas Bank later in September. Those transactions are planned, not completed. The bank said the focused proof-of-concept phase runs from July through December 2026, leaving commercial availability, volume targets and a broader rollout timetable unresolved.
Tokenized Deposits Connect to Existing Settlement
Swift’s model uses shared blockchain infrastructure to record instant payment commitments through tokenized deposits while retaining real-time gross settlement systems for final settlement. The design aims to provide continuous cross-border payments without traditional cut-off times or weekend closures while keeping settlement inside regulated banking structures.
The live tests build on the earlier development of Swift’s shared ledger. Citi is connecting the work to its own 24/7 USD Clearing, Citi Token Services and custody infrastructure rather than presenting it as a standalone crypto product.
Existing Citi Services Provide the Operating Context
Citi says its round-the-clock dollar clearing service supports more than 300 bank clients, while Citi Token Services processes around $1 billion in transactions. Those company-reported figures describe adjacent infrastructure, not the volume completed in the Swift pilot.
The significance of the September transactions is therefore operational: Citi, FAB and OCBC tested bank-issued digital money on shared infrastructure across additional regions. Whether that becomes a scaled service will depend on the remaining proof-of-concept work, participation by more banks and details that Citi and Swift have not yet published.
Source: www.kucoin.com