Citi expands digital asset services with tokenized deposit trial and BondbloX partnership

In a move to further digitize its financial services, Citi has partnered with BondbloX Bond Exchange and launched a tokenized deposit trial program, according to an announcement. The global banking leader is enhancing its digital asset portfolio in an effort to adopt advanced technologies and cater to the evolving needs of its institutional clientele.

BondbloX, a platform licensed by the Monetary Authority of Singapore and operational since 2020, simplifies bond trading for investors by offering online bond trading and fractionalization of full-sized bonds. As part of this collaboration, Citi will be the first digital custodian for BondbloX, providing settlement and custody services for clients trading fractionalized bond tokens.

The introduction of tokenized deposits and smart contracts into Citi's worldwide network represents a significant upgrade to its central cash management and trade capabilities. With $27.8 trillion in assets under custody, Citi's tokenized bond trading service marks a substantial innovation in the financial sector. This development aims to enable investors to trade bonds more effectively and transparently.

In parallel, Citi has initiated a pilot program named Citi Token Services. This program seeks to transform customer deposits by converting them into digital tokens via a private blockchain owned and controlled by Citi. The initiative is designed to offer fast global transfers and continuous cross-border payment services with high liquidity for institutional clients.

These latest developments are part of Citi's ongoing commitment to leveraging emerging technologies. They highlight the growing influence of digital assets in the financial industry and demonstrate how traditional financial institutions are adapting to meet changing client needs in an increasingly digital landscape.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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