Citi exec says fragmented crypto systems risk repeating old banking problems
Miami Beach, FL — Tokenized money will fail to deliver on its promise if it remains siloed within individual banks, according to Ryan Rugg, Citigroups head of digital assets for treasury and trade solutions. Speaking at Consensus in Miami, Rugg said large corporate clients are not looking for single-bank solutions but systems that work seamlessly across financial institutions. “No one wants just a Citi token,” she said. “They want that multi-bank aspect of it.” The comment reflects a core challenge in the push to bring blockchain-based payments into 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 Citis clients often manage “hundreds, if not thousands of bank accounts across multiple banks globally,” creating complexity in moving money for payroll, suppliers and investments. Those clients are increasingly asking for real-time capabilities. In a survey Citi conducted several years ago, Rugg said the response was “basically unanimous” that faster, always-on payments were a top priority. Blockchain technology offers one path to that goal, but only if systems can connect. Citi has built its own tokenized platform and linked it to its broader banking network, including a