Miami Beach, FL – Tokenized money will not fulfill its promise if it remains isolated within individual banks, according to Ryan Rugg, head of digital assets for treasury and trading solutions at Citigroup.
Speaking at Consensus in Miami, Rugg said large corporate clients are not looking for solutions from a single bank, but rather systems that work seamlessly across all financial institutions. “No one wants just a Citi token,” he said. “They want that multibank look.”
The comment reflects a central challenge in the push to bring blockchain-based payments to mainstream finance. While banks have begun issuing tokenized deposits and building internal platforms, many of those systems operate within closed networks.
For global companies, that approach falls short. Rugg said Citi clients often manage “hundreds, if not thousands, of bank accounts at multiple banks globally,” creating complexity in moving money for payroll, suppliers and investments.
Those customers are increasingly asking for more real-time capabilities. In a survey Citi conducted several years ago, Rugg said the response was “basically unanimous” that faster, always-available payments were a top priority.
Blockchain technology offers a path toward that goal, but only if the systems can be connected. Citi has created its own tokenized platform and linked it to its broader banking network, including a 24/7 US dollar clearing system with more than 300 banks. Still, Rugg emphasized that internal updates alone are not enough.
“This is another tool in the toolkit,” he said, adding that banks also need to modernize traditional infrastructure and connect it with digital systems.
The industry as a whole faces fragmentation. A growing number of banks, fintech companies, and crypto projects are building separate networks, often using different standards. This risks recreating the very inefficiencies that blockchain is intended to solve.
Rugg argued that shared infrastructure, built “for the industry, by the industry,” will be key to scaling tokenized finance, citing models like Swift’s global messaging network.
At the same time, regulation remains a limitation. Large banks require clear legal frameworks before launching new products. “Unless it’s 100% permissible, we’re not going to do that,” Rugg said.
