Citi Takes the Tokenization Wrapper to Pre-IPO Private Equity

Up the Asset Stack Citi takes the tokenization wrapper to pre-IPO private equity On 11 June 2026, Citigroup launched Digital Depositary Receipts a structure that wraps shares of late-stage private companies in a bank-issued, blockchain-recorded security and settles them on SIX’s regulated SDX platform, built on R3’s Corda permissioned ledger. Citi issues the receipts and acts as custodian. Distribution at launch runs through Sygnum in Switzerland and SBI Digital Markets in Singapore; access is restricted to non-US (Reg S) investors, with US availability promised once conditions allow. The inaugural instrument referenced Kaleido, a Citi-backed tokenisation firm. The pitch is explicit — a single, trusted issuer-custodian as a cleaner alternative to the special-purpose vehicles that have proliferated around the hottest private names

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