Bank & market adoption
Mashreq and Citi complete live tokenised deposit payment on Swift's ledger
Middle EastSource: Mashreq
- Mashreq said on 5 October 2026 that it has completed a live transaction with Citi using Swift's blockchain ledger infrastructure, an initiative that uses bank-issued tokenized deposits to explore faster cross-border payment capabilities.
- The release says the ledger was designed by more than 40 financial institutions, with 17 banks piloting it for tokenised deposit transactions since Swift announced it was ready for use in July 2026, and that its Minimum Viable Product (MVP) phase is focused on demonstrating 24/7 real-time cross-border payments.
Why it matters
A UAE bank transacting with Citi on Swift's ledger takes the shared tokenised-deposit network beyond the Asian and UK banks that reported earlier live transactions, a test of whether bank-issued deposit tokens can interoperate across issuers and regions on common infrastructure.
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More detail
Who is affected
Mashreq, Citi and Swift; the release says businesses and financial institutions could gain efficiencies in liquidity management and treasury operations.
Key dates
- Mashreq announces live transaction with Citi on Swift's ledger
What remains uncertain
- The release does not state the date, currencies, number or value of the transaction, and describes efficiency gains for clients only as potential.
Adoption status
- LiveMashreqLive cross-border tokenised deposit transaction with Citi on Swift's blockchain ledger
- LiveCitiLive cross-border tokenised deposit transaction with Mashreq on Swift's blockchain ledger
Key facts
- Event
- Live transaction
- Jurisdiction
- Middle East
- Source
- Mashreq
- Source tier
- Tier 2 · Bank / FMI
- Product
- Tokenized deposits
In the database
How we verified this
The source says
“Mashreq, a leading financial institution in the MENA region, has successfully completed a live transaction with Citi using Swift’s blockchain ledger infrastructure, marking an important step in the evolution of always-on cross-border payments.”
“The ledger was designed by more than 40 financial institutions, with 17 banks piloting it for tokenised deposit transactions since Swift announced it was ready for use in July 2026.”
“The Minimum Viable Product (MVP) phase of the ledger is focused on demonstrating 24/7 real-time cross-border payments.”
“Together with Mashreq and Swift, we are demonstrating that always-on, interoperable cross-border payments are already a reality.”
Verbatim from Mashreq, matched word for word against the live page on 1 November 2026.
Sources
- Official institutionalMashreq ↗2026-10-05T2Bank / FMI
Evidence
- Confidence
- Medium The institution’s own statement; quote string-matched. Proves what the institution says, not independent confirmation.
- Quote verified
- 2026-11-01 11:54 UTC
- Archived snapshot
- SHA-256
fed38bff87f40ea1…· fetched 2026-11-01 · Wayback Machine copy ↗ - Source type
- Official institutional Mashreq ↗
Change log (1)
- 2026-11-01 Published
AI-assisted: the summary and analysis were drafted with AI from the primary source and checked by the editors. AI-drafted from the primary source; quote string-matched against the live source page.
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