Citi Bank Report: Most Global Security Firms Back CBDCs For Faster Payments
A new research conducted by banking giant, Citi, shows that most financial institutions are leaning toward adopting Central Bank Digital Currencies (CBDCs) for faster global payments.
In its latest edition of the Securities Services Evolution, the bank surveyed 12 financial market infrastructures (FMIs) and 483 respondents among which a staggering 87% have tipped CBDCs for shorter transaction settlements.
The research underscored several areas the sector can achieve its goals before 2026, particularly highlighting India’s shift toward T+1 settlement, a technology that sees all trades between institutions settled before 24 hours.
As the United States, Canada, and other countries ramp up efforts to adopt T+1, Citi raised issues relating to blockchain technology, stablecoins, CBDCs, and the role they play in cross-border payment solutions.
Per the survey, the global support for CBDCs spiked by 21% from last year due to several pilots of the asset springing up in different countries. The wide adoption of blockchain technology and cryptocurrencies have led to institutional adoption paving the way for key market structures in the sector.
While banks, securities firms, and asset managers expressed the desire to scale services with landmark technology in record time, the recent push by Central Banks aiming for global interoperability between multiple assets will be the deciding factor.
“Recent cross-border multi-bank experiments are now providing detailed insights into how central bank funding can be operationalized in a digital context, both internally and across entire markets.”
The positive feedback from Citi Bank's survey as well as others show that institutions as well as investors back digital assets to provide the leap to
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