Citigroup is preparing a blockchain-based remittance service for Japanese corporate customers using tokenized deposits, potentially launching as early as this year. The service would enable instant foreign-currency transfers between Japan and Citi operations in the United States, the United Kingdom, Singapore, Hong Kong and Ireland, including at night and during holidays. Shahmir Khaliq, Citi's head of services, said the offering would be the first of its kind from a foreign financial institution for corporate customers in Japan. Clients would select a token option through Citi's existing payment instruction screen, while the bank manages transaction administration and risk. The service would use Citi Token Services for Cash, a permissioned blockchain platform already used by institutional clients outside Japan. Citi moves roughly $6 trillion daily across its network, with tokenized deposits accounting for around $1 billion of that volume. Tokenized deposits represent conventional bank deposits digitally on blockchain networks and are being developed alongside stablecoins as a foundation for next-generation payments. Citi plans to expand coverage across Asia-Pacific and eventually support transfers beyond its own network as interoperability initiatives develop.