Today Citi unveiled two digital asset solutions under the umbrella of “Citi Token Services”. Both services target institutions. One is a pilot for tokenized deposits, enabling organizations to move money between Citi branches worldwide and 24/7. The other is a trade solution that provides smart contract based bank guarantees that was piloted in collaboration with Maersk.
The trade application used smart contracts to trigger an instant payment using tokenized deposits.
Citi founded the Regulated Liability Network (RLN), a multi bank collaboration for digital assets, tokenized deposits and CBDCs. However, Citi Token Services is separate and complements the RLN work.
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