Citi

The Treasury and Trade Solutions unit of Citi presented Citi Token Services in September 2023, with a pilot that let clients move liquidity between Citi branches at any hour. The service turns client deposits into tokenized deposits on a private blockchain that Citi owns and runs, so clients need no node of their own and never hold or manage tokens. In a trade finance pilot with Maersk, smart contracts paid service providers as soon as agreed conditions were met, a function similar to a bank guarantee or a letter of credit.

Citi launched Citi Token Services for Cash in 2024, and in September 2025 Citi connected it to its 24/7 USD Clearing for payments to accounts at other banks. In November 2025 Citi added euro transactions and a hub in Dublin, from where clients send dollars and euros to Citi branches at any time. Since September 2026 the service has been live in seven markets: the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan and the United Arab Emirates. A corporate treasury with accounts in several of these markets can move cash between them without cut-off times or holiday calendars.

Citi was one of nine banks in the US proof of concept for a regulated liability network, which the New York Innovation Center of the Federal Reserve Bank of New York started in November 2022. The test settled simulated dollar payments in tokenized commercial bank money and tokenized central bank reserves on one shared ledger. The report of July 2023 found no insuperable legal obstacle under the existing US framework, while noting that further analysis would be needed.

Citi also tests the shared platform of Project Agorá, where the Bank for International Settlements and the Institute of International Finance bring together eight central banks and more than 40 financial institutions for cross-border payments with tokenized reserves and deposits. In September 2026 Citi reported the first live transactions of a US bank on the blockchain-based ledger of Swift, with First Abu Dhabi Bank and OCBC as counterparties. On that ledger, banks exchange instant payment commitments in tokenized deposits, and the final settlement runs through real-time gross settlement at the central bank.

In June 2026 Citi issued its first Digital Depositary Receipts, tokenized receipts for shares of private companies, with Citi as both issuer and custodian. The receipts run on the regulated blockchain infrastructure of SIX Digital Exchange, the digital central securities depository of the Swiss exchange operator SIX. The tokenization platform Kaleido, a Citi portfolio company, completed the first transaction with investors from the Wealth business of Citi.

For the European Investment Bank, Citi acted as sole dealer and as issuing and paying agent of the first DLT-native commercial paper on the D7 platform of Clearstream. The paper had a volume of 77.5 million euros and a term of ten business days, and DekaBank, DZ BANK and Eurex Clearing were among the first buyers, as Clearstream announced on 29 June 2026.

Citibank Europe plc is a credit institution registered in Ireland, authorized by the Central Bank of Ireland and supervised by the European Central Bank under the Single Supervisory Mechanism. Citibank Europe plc has its headquarters in Dublin, runs 21 further branches in the European Economic Area and the United Kingdom, and is classified as an other systemically important institution. Citi solution centers in Ireland, Hungary and Poland provide operations services to the bank and to other Citi companies.

Citi has worked in Ireland since 1965 and runs a global Innovation Lab in Dublin, the city that also hosts the euro hub of Citi Token Services. In Frankfurt, Citigroup Global Markets Europe AG holds a banking license from the European Central Bank and is also supervised by BaFin. The German branch of Citibank Europe plc shares its Frankfurt address with Citigroup Global Markets Europe AG.

24/7 USD Clearing is the dollar clearing service of Citi, which connects more than 300 financial institutions in over 50 markets. Combined with Citi Token Services, it settles cross-border dollar payments between Citi and non-Citi accounts at any hour, including US holidays. Siam Commercial Bank in Thailand was the first financial institution client to go live with the combined service in July 2026, and its first payment ran over a US holiday weekend.

In August 2026 Citi presented Custody+, a set of near real-time custody services in which digital asset custody is expected to go live later in 2026, starting with bitcoin. Clients will then hold traditional securities and crypto assets in one custody framework, built on a common digital asset architecture of Citi.

The Citi Integrated Digital Assets Platform, CIDAP, is the internal platform on which Citi builds its blockchain services under its own governance and risk rules. CIDAP runs on Hyperledger Besu and combines an internal ledger for tokens, custody for assets tokenized elsewhere, platform management and one client portal. Citi Token Services for Cash runs on CIDAP, as did the trade pilot of Citi Token Services and a proof of concept for tokenized private funds.

The Citi Institute report Stablecoins 2030, published in September 2025, expects stablecoin issuance of 1.9 trillion dollars by 2030 in its base case and 4.0 trillion dollars in its bull case. In a later analysis, Ronit Ghose, head of Future of Finance at the Citi Institute, estimates that tokenized bank deposits could carry 100 to 140 trillion dollars in annual flows by 2030, as much as stablecoins or more.

Citi Germany works from Börsenplatz 9 in Frankfurt, where Citi serves companies, institutional investors and government agencies with advice on mergers and acquisitions, payments, treasury management, securities settlement and custody. Citi also issues warrants, certificates and derivatives from Frankfurt and underwrites bond and equity issues there. In Switzerland, Citi opened a corporate banking branch in Geneva in 1963 and a branch in Zurich in 1966, and Citibank (Switzerland) AG is a private bank regulated by FINMA. Citi employs around 400 people in Switzerland and Monaco, with offices in Geneva, Zurich and Lugano.