Citi to pilot private blockchain services for institutional clients

JPMorgan is showing interest in similar solutions, but is still in the early exploration stage

article-image

Alf Ribeiro/Shutterstock modified by Blockworks

share

CitiGroup has developed a permissioned blockchain for institutional customers to interact with digital assets. 

The new product, called Citi Token Services, intends to provide clients access to tokenized deposits, cross-border payments and automated trade finance solutions 24 hours a day.

Citi’s head of global services Shahmir Khaliq said this development advances the goals of the Regulated Liability Network, a whitepaper published in November 2022 professing the desire to get the world’s financial system to a place where on-chain, 24/7 programmable, final settlement in sovereign currencies is possible. 

“Digital asset technologies have the potential to upgrade the regulated financial system,” Khaliq said. “The development of Citi Token Services is part of our journey to deliver real-time, always-on, next generation transaction banking services to our institutional clients.”

Maersk partnered with Citi Treasury and Trade Solutions (CTTS) for Citi’s digital asset trading service, which would serve the same purpose as “bank guarantees and letters of credit” in traditional finance, according to a press release.

Both companies reported that the pilot program was able to provide instantaneous payments to service providers via smart contracts, something that would be beneficial to companies with many vendors. 

Ensuring liquidity for premier banking clients is also emphasized in this new product launch, highlighted by the inclusion of a cash management pilot.

“Citi Token Services provides corporate treasurers with a new tool to manage global liquidity on a just-in-time, programmable basis. Frictions related to cut-off times and gaps in the service window will be reduced,” CTTS global head of digital assets Ryan Rugg said in a statement. 

It appears that Citi has beaten JPMorgan to this, as the largest bank in the US by assets is still in the “early stages” of exploring a similar private blockchain service, according to Bloomberg

JPMorgan first showed interest in bank-issued deposit tokens, different from CBDCs or stablecoins, in February 2023.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.

article-image

Kado’s founder Emery Andrew spoke to Blockworks about the acquisition and what’s next for the team

article-image

LayerZero’s Bryan Pellegrino chatted with Blockworks about the firm’s next steps and its 10-year runway

article-image

Colosseum co-founder Matty Taylor is seeing “high-performance [Solana] founders showing a lot of interest in private trading technology”

article-image

Executives weigh the growth potential they see in the public stock and private credit/equities arenas

article-image

Players can stake ME, trade tokens and link wallets to climb the leaderboard