Banking / Tokenized Cash
Token Services for Cash: Citigroup's Approach
Citigroup tokenized cash itself with Token Services for Cash, enabling 24/7 liquidity transfers across borders and counterparties on Hyperledger Besu.
Summary
Token Services for Cash operates as a digital version of traditional correspondent banking with radical speed and cost improvements for multinational corporations.
What happened
Corporate treasurers can deposit dollars with Citigroup, receive digitized representations, and transfer them instantly to other participating institutions—settlement in seconds rather than days.
Business goal
- Enable real-time global cash position management
- Reduce regional cash reserves needed for settlement buffers
- Eliminate correspondent banking fees
Impact
- Settlement in seconds instead of hours or days
- FEDWIRE bridge enables seamless conversion to traditional cash
- Network effects increase as more institutions join