Citi Expands Token Services to Japan and UAE, Shares Fall 2.21%

Citigroup Inc. (C) said Monday it is expanding its Citi Token Services to Japan and the United Arab Emirates, extending blockchain-based tokenized deposit transfers across its global network. Japan will support USD transactions; the UAE will support both USD and Euro transactions. The service enables near-instantaneous cross-border fund movements and is already live in the United States, Ireland, Hong Kong, Singapore and the United Kingdom. Citi described Japan as a strategically important market as the world's fourth-largest economy and a major liquidity center, while it called the UAE a key financial hub and gateway for trade and investment across the Middle East, Africa and South Asia. Shares of Citigroup closed at $131.31 on Monday, down 2.21% on the New York Stock Exchange.