Citi has issued its first digitally native structured note on Euroclear’s D-FMI distributed ledger platform. To date D-FMI has primarily been used for digital bonds, so the structured note is also a first. The amount was not disclosed and the purpose of the note is for distribution to Citi’s wealth management clients. The bank’s wealth arm managed an average of $231 billion of assets during 2025.
Russell Budnick, Head of Capital Markets, Investment Solutions for Citi Wealth said that it “demonstrates how we can deliver traditional structured products more efficiently by leveraging distributed ledger technology while preserving the full investment profile clients expect. This marks an important step in expanding digitally native solutions across our global wealth franchise.”
The note was issued out of Luxembourg under English law with Citi also acting as issuing and paying agent. Structured products are enormously popular in certain European regions, with some institutions issuing tens of thousands of bespoke products every month. On the other hand, a more standardized product can be spread across many portfolios. Deutsche Börse’s Clearstream pivoted away from DLT for mass structured product issuance and redemption for a couple of reasons.
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