[Citigroup CEO Highlights the Potential of Tokenized Deposits, Stablecoin Focus May Be Overemphasized] Citigroup CEO Jane Fraser stated during the Q3 earnings investor call that tokenized deposits will become the core driving force for next-generation payment and financial market infrastructure. She pointed out that institutional clients are increasingly demanding low-cost, compliant, and real-time cross-border fund flows, and tokenized deposits can provide secure, reliable, multi-bank interoperable, and always-online payment solutions. Citi has invested in building digital asset infrastructure, with its tokenization services covering over 40 markets and more than 250 banks, enabling instant transfers. Fraser also mentioned that adapting corporate finance departments to a 24/7 financial environment remains the primary challenge for widespread adoption. She believes that while stablecoins still hold value, they face issues such as anti-money laundering and tax compliance, whereas tokenized deposits can avoid these burdens. In the future, tokenization applications will expand into asset issuance and settlement, with regulators driving responsible innovation.