SCB became the first institution to implement Citi’s combined 24/7 USD clearing and tokenized deposit services, enabling dollar transfers during weekends and U.S. holidays.
Citigroup said it completed its first instant international U.S. dollar payment with a partner bank, Siam Commercial Bank, extending its real-time cross-border capability beyond transfers between Citi-held accounts. The transaction moved funds from a Citi account in London to an SCB account in Thailand during the U.S. July 4 holiday weekend, and SCB has become the first financial institution to implement Citi’s combined 24/7 USD Clearing and Citi Token Services solution. Citi Token Services uses tokenized deposits on a private, permissioned blockchain within Citi’s regulated network rather than a public chain. The system is designed to keep dollar transfers moving outside normal U.S. banking hours, including weekends and federal holidays, by combining always-on clearing with tokenized payment rails. Citi said its infrastructure connects more than 300 financial institutions across more than 50 markets. Its global payments division processes about $6 trillion a day, while tokenized deposit transfers within the system average close to $1 billion daily. The development highlights how large banks are using blockchain-based infrastructure to reduce delays in cross-border payments without replacing correspondent banking networks. It also underscores that the model relies on Citi’s own private network and governance, making it a bank-led efficiency upgrade rather than a decentralized payments system.