Key facts On 11 June 2026, Citi launched Digital Depositary Receipts on private shares. The launch marks the first time a global financial services company both issues and acts as custodian for tokenized depositary receipts that represent private companies. Investors hold the receipt rather than the underlying shares directly. Citi adapted its established depositary receipt product, long used to give investors exposure to public stocks, and applied it to private-market equity. The bank says the model offers issuers and investors a direct route into a historically illiquid part of capital markets.
SIX blockchain infrastructure records the tokenized receiptsThe solution tokenizes shares on blockchain infrastructure operated by SIX, which Citi describes as one of the first fully regulated digital central securities depositories. Citi serves as custodian on the platform and handles settlement and safekeeping of the tokenized receipts. The bank argues that acting as a single, trusted issuer and custodian reduces complexity and hidden costs compared with third-party special purpose vehicles (SPVs). Other structures such as SPVs still serve a function, Citi said, but they can require investors to trust that the vehicle holds the underlying stock.
Kaleido becomes the first issuer on the platformThe product went live with an inaugural transaction involving Kaleido, an institutional tokenization and digital asset platform and a Citi portfolio company. Citi distributed the receipts to investors within its Wealth business, with support from its Secondary Private Markets team. The launch drew together Citi's Issuer Services, Custody, Wealth, Markets, and Ventures units in what the bank called a coordinated effort to build a scalable model for future issuances.
"Private companies like ours are scaling faster than the structures around us. This model finally brings a level of professionalism and transparency to private market capital formation that we've never had access to.", 11 June 2026.
— Steve Cerveny, Founder and CEO, Kaleido
Citi opens private markets without a public listingAs initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ The solution tokenizes shares on blockchain infrastructure operated by SIX, which Citi describes as one of the first fully regulated digital central securities depositories. Citi serves as custodian on the platform and handles settlement and safekeeping of the tokenized receipts. The bank argues that acting as a single, trusted issuer and custodian reduces complexity and hidden costs compared with third-party special purpose vehicles (SPVs). Other structures such as SPVs still serve a function, Citi said, but they can require investors to trust that the vehicle holds the underlying stock.
Kaleido becomes the first issuer on the platformThe product went live with an inaugural transaction involving Kaleido, an institutional tokenization and digital asset platform and a Citi portfolio company. Citi distributed the receipts to investors within its Wealth business, with support from its Secondary Private Markets team. The launch drew together Citi's Issuer Services, Custody, Wealth, Markets, and Ventures units in what the bank called a coordinated effort to build a scalable model for future issuances.
"Private companies like ours are scaling faster than the structures around us. This model finally brings a level of professionalism and transparency to private market capital formation that we've never had access to.", 11 June 2026.
— Steve Cerveny, Founder and CEO, Kaleido
Citi opens private markets without a public listingAs initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ The product went live with an inaugural transaction involving Kaleido, an institutional tokenization and digital asset platform and a Citi portfolio company. Citi distributed the receipts to investors within its Wealth business, with support from its Secondary Private Markets team. The launch drew together Citi's Issuer Services, Custody, Wealth, Markets, and Ventures units in what the bank called a coordinated effort to build a scalable model for future issuances.
"Private companies like ours are scaling faster than the structures around us. This model finally brings a level of professionalism and transparency to private market capital formation that we've never had access to.", 11 June 2026.
— Steve Cerveny, Founder and CEO, Kaleido
Citi opens private markets without a public listingAs initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ "Private companies like ours are scaling faster than the structures around us. This model finally brings a level of professionalism and transparency to private market capital formation that we've never had access to.", 11 June 2026.
— Steve Cerveny, Founder and CEO, Kaleido
Citi opens private markets without a public listingAs initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ Citi opens private markets without a public listingAs initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ As initial public offering (IPO) timelines stretch, private companies are seeking alternate routes to liquidity outside fragmented secondary markets. Citi's structure lets issuers reach investors without a public listing or changes to underlying ownership rights. Companies keep control over voting and a simpler cap-table management structure while broadening investor outreach. The receipts represent economic exposure and contractual claims rather than direct ownership of the underlying shares.
Wealth clients gain access through a familiar structureFor Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ For Wealth clients, the receipts integrate into existing platforms, adding private-market exposure through a structure investors already understand. Citi said the move aims to enhance client optionality while keeping the operational safeguards investors expect.
"As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ "As digital assets reshape how financial markets evolve, our priority is ensuring Citi Wealth clients can engage with these developments in a secure and familiar way.", 11 June 2026.
— Deborah Querub, Head of Digital Assets for Wealth, Citi
Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ Digital assets move further into regulated financeThe launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ The launch lands as banks move traditional assets onto blockchain rails. USDC, a major dollar stablecoin, traded at $1.00 with a $74.79 billion market cap at the time of publication (CoinPaprika, 15 June 2026). Citi plans to extend the offering across other financial market infrastructures and multiple blockchain networks. The bank is also among major US banks developing a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027.
Primary source: Source ↗ Primary source: Source ↗ Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.