Citi Token Services for Cash Launches, Offering 24/7 Cross-Border Liquidity
Citi has officially launched its Token Services for Cash, providing institutional clients with the ability to move multimillion-dollar transactions globally, 24/7. The service uses a private, permissioned blockchain fully owned and managed by Citi, ensuring safety and ease of use without requiring clients to manage tokens themselves.
Following successful pilots, Mars became the first client to utilize this service, benefiting from instant payments and seamless liquidity transfers across Citi accounts. According to Mayela Stuparitz, Mars’ global treasury director, this has streamlined their financial operations, eliminating friction caused by time zone cutoffs while maintaining security and simplicity.
The token service operates alongside Citi Token Services for Trade, which uses smart contracts to automate payments and settlements, replacing traditional instruments like guarantees and letters of credit. This allows for real-time, 24/7 settlements between Citi clients and their partners once contractual conditions are met.
Ryan Rugg, head of digital assets at Citi, highlights the bank’s goal of offering real-time, always-on services through Distributed Ledger Technology (DLT), enhancing efficiency, reducing costs, and modernizing liquidity management.