Citi has moved its Token Services for Cash product into limited commercial operation, using tokenised interbranch deposits to enable real-time USD payments and 24/7 global transaction processing — a significant step from successful testing into live banking infrastructure.
The product uses Hyperledger Besu, an enterprise Ethereum implementation, to tokenise deposits between Citi branches, enabling instantaneous internal transfers that bypass the settlement delays inherent in traditional correspondent banking. For corporate treasury clients, the practical benefit is access to liquidity across Citi's global network at any time, without waiting for market open or settlement windows.
The move from pilot to commercial operation — even in select jurisdictions — marks an important transition. Citi has been developing Token Services since at least 2023, and the shift to live client transactions with real funds represents a commitment to blockchain as operational banking infrastructure rather than exploratory technology.
Citi joins a small but growing group of major banks running blockchain-based cash management products in production. DBS launched its Token Services suite the same month, and JPMorgan has operated its JPM Coin system for institutional clients since 2020. The pattern suggests that blockchain-based intrabank settlement is becoming a standard capability for global transaction banks rather than a competitive differentiator.