Citi Token Services
Citi's proprietary tokenized-deposit and trade-finance platform running on a private permissioned blockchain. Live across NY, Hong Kong, Singapore, and London for USD, with the November 2025 EUR launch and Dublin EU hub putting Citi alongside JPMorgan as the only US bank with multi-currency tokenized-cash production capability.
Operating details
How it actually settlesPermissioned blockchain operated by Citi, with the on-chain instrument being a tokenized USD, EUR, GBP, or HKD deposit liability of the relevant Citi entity. Two named workstreams: 24/7 cross-border treasury transfers between Citi branches for institutional clients, and digitised trade-finance instruments (notably letters-of-credit replacements). The November 2025 expansion added EUR transactions and a Dublin-domiciled EU hub, putting CTS inside the Central Bank of Ireland supervisory perimeter and inside EU passporting for EU-based corporate clients. The platform sits inside Citi Treasury and Trade Solutions rather than under a separate digital-asset subsidiary.
Citi · Maersk (early trade-finance counterparty) · Project Guardian participant · Project Ensemble participant · Project Agorá participant
Production rollout from 2023, with multi-currency expansion through 2024-2025. Live in NY, HK, SG, UK, and Dublin as of late 2025; specific transaction volumes are not publicly disclosed. Cross-border treasury and trade-finance corridors are the most publicly described workstreams.
Operates inside Citibank, N.A. and its national affiliates under the existing US national-bank charter (OCC supervision in the US), with non-US flows clearing through the relevant Citi entity (HKMA in Hong Kong, MAS in Singapore, FCA/PRA in the UK, Central Bank of Ireland for the Dublin EU hub). Tokenized balances are deposit liabilities of the issuing entity rather than e-money or stablecoin claims.
Closed-loop within Citi: cross-bank tokenized-deposit interoperability is not yet published. Trade-finance and cash-management workflows are the two named use cases; tokenized-securities work sits in the Project Guardian and Ensemble pilot tracks rather than on CTS itself. No retail access, no public counterparty-bank list beyond corporate clients.
Recent news2 curated · awaiting ingestion
- CURATED2025-11-15American BankerCiti is laying plans for crypto supremacy
Citi expanded CTS to EUR transactions and a Dublin-domiciled EU hub in November 2025, putting the bank alongside JPMorgan as the only US GSIB with multi-currency tokenized-cash production capability.
- CURATED2023-09-18CitiCiti Token Services Goes Live for Cash Management and Trade Finance
Original CTS production launch covered always-on cross-border cash management for institutional clients and digitised letters-of-credit for trade finance, anchoring Citi's tokenisation programme inside Treasury and Trade Solutions.
Sunday evening Singapore time. Importance-3 items, one deep dive, what's worth watching next.