Citi First US Bank to Complete Live Blockchain Transactions with Swift

Citi has completed live native-ledger tokenized-deposit transactions with First Abu Dhabi Bank and OCBC on Swift's blockchain ledger, becoming the first U.S. institution to do so.

The bank said it processed the first transaction in the Middle East region with FAB and the first in Southeast Asia with Singapore-based OCBC, but did not disclose transaction values or client names.

This development follows an earlier live tokenized-deposit transaction between HSBC and Standard Chartered, which shows another group of regulated banks moving from ledger preparation to live activity.