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Citi exec says fragmented crypto systems risk repeating old banking problems
Tokenized money efforts face limits as corporate clients demand real-time payments that work seamlessly across banks, Citi’s Ryan Rugg said at Consensus in Miami.
By Helene Braun, AI Boost
May 5, 2026, 9:23 p.m. 2 min read
What to know:
- Citigroup’s Ryan Rugg warned that tokenized money will fall short of its potential if it remains confined to single-bank systems instead of working across multiple institutions.
- Large corporate clients, which often juggle hundreds or thousands of accounts at many banks, are demanding real-time, always-on payments that can move seamlessly across networks.
- Rugg said the future of tokenized finance hinges on shared, industrywide infrastructure and clear regulation, rather than isolated bank platforms, to support global-scale money flows.
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 Citi’s 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.
