Citi explores blockchain with Solana to modernize global trade

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Citi teams with PwC and Solana

Citi tests tokenized bills of exchange

At the center of the initiative is a joint effort involving Citi Trade and Working Capital Solutions, PwC and the Solana blockchain. The bank detailed the scope of the experiment in its report, stating:

“Working with PwC and Solana, Citi has completed an internal proof of concept (PoC) that represented a bill of exchange as a token on a blockchain and executed the entire lifecycle – issuance, financing, distribution, and settlement – in a simulated environment to study how Citi could translate a concept to reality.”

The proof of concept used a private, permissioned blockchain and synthetic data, with no real client transactions. Fictitious participants were created to replicate buyers, suppliers and financing banks. In the model, a bill of exchange — a widely used trade finance instrument that obligates a buyer to pay a seller at a future date — was converted into a unique digital token containing key transaction details such as amount, counterparties and maturity.

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Once issued and electronically signed, the tokenized bill could be sold to a bank at a discount, allowing the supplier to obtain early financing. Ownership transfers automatically with the token, and repayment at maturity is directed to whoever holds it.

Solana’s growing role in institutional finance

While Citi described the project as remaining at the proof-of-concept stage, Solana has said elements of the product are already live. The network has increasingly attracted major institutions exploring tokenization of real-world assets. Earlier this year, Solana set a record of $873 million in tokenized real-world assets, underscoring its rising appeal among financial firms.

Large corporations such as Alibaba have also deployed infrastructure to optimize Solana’s performance, while asset managers including WisdomTree have expanded activity on the network.

Why it matters

Citi’s experiment signals that traditional banks are seriously evaluating blockchain for core trade finance functions, not just crypto-related services. If scaled, tokenized bills of exchange could reduce paperwork, speed settlement and improve liquidity for suppliers worldwide. The broader takeaway is that as global trade faces tariff pressures and geopolitical risk, financial institutions are accelerating digital transformation to keep supply chains resilient and competitive.

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