Ryan Rugg works at the intersection of digital assets, blockchain technology, and institutional finance, currently serving as the Global Head of Digital Assets for Citi’s Treasury and Trade Solutions (TTS) division. Her work focuses on developing and implementing blockchain-based solutions for global payments, tokenization, and real-time liquidity, while ensuring regulatory compliance and system stability across financial markets. ^[1]

Education

Rugg graduated from The George Washington University, where she earned a degree with a double concentration in Finance and Management Information Systems. ^[7]

Career

From 2003 to 2009, Ryan Rugg worked in fixed income at JPMorgan Chase & Co., advising clients on derivative strategies, including tender option bond programs and interest rate swaps. She also contributed to client engagement initiatives and recruitment efforts.

Between 2009 and 2016, she served as an executive director at Morgan Stanley, where she coordinated across banking, research, wealth management, and institutional platforms to support investment strategies for asset managers and insurers.

In 2016, she joined R3, where she initially led North American business development and later became global head of insurance. She established a center of excellence in partnership with ACORD to support the deployment of distributed ledger technology in the insurance sector. From 2019 to 2020, she expanded her scope as global head of industry, overseeing blockchain strategies across multiple verticals, including trade, supply chain, healthcare, telecom, and energy.

From 2020 to 2022, she led IBM’s blockchain services for the Americas. Her responsibilities included guiding clients on governance, infrastructure, and digital asset strategies, with a focus on tokenization, identity, provenance, and sustainability. During this time, her team supported the development of the Excelsior Pass, New York’s digital health credentialing system.

Since 2022, she has served as the global head of digital assets for Citi’s Treasury and Trade Solutions (TTS) division. She oversees the integration of blockchain-based tools for institutional liquidity and payments, including the launch of Citi Token Services, which facilitates 24/7 value transfer using tokenized deposits and smart contracts. ^{[1] [7]}

Interviews and Panels

Future Financial Markets

In a discussion at CoinDesk's Concept 2025, Rugg shared insights on the adoption of blockchain and digital asset technologies, as well as their significance for future financial markets. Rugg emphasized Citigroup's dual approach, which included updating traditional payment infrastructures and exploring innovative solutions, such as the Citi Token Service. She reflected on her decade-long experience in the blockchain space, highlighting the need for financial systems to evolve to meet client demands, particularly in terms of 24/7 operations. Rugg also emphasized the importance of regulatory compliance when managing multiple jurisdictions, stressing that stability and safety must remain paramount in the development of digital financial services. ^[3]

24/7 Finance

In a past episode of the City Institute podcast, Alex Miller and Rugg discussed the evolving landscape of digital assets and the implications of tokenization in the financial sector. They noted that clients increasingly sought instantaneous money movement, akin to the speed of internet data, reflecting a demand for 24/7 financial services. The conversation highlighted regulatory advancements in the U.S. and globally, shedding light on how these developments could foster greater institutional adoption of digital assets by 2025. Rugg emphasized the significance of regulatory clarity following recent government initiatives that facilitated banks' engagement in digital asset custody and transactions.

They introduced City Token Services (CTS), launched to address clients' needs for seamless liquidity across borders. The dialogue also explored how smart contracts could revolutionize financial processes by automating transactions, thereby reducing human involvement and enhancing efficiency. Finally, they discussed the broader impact of digital asset tokenization on financial services over the next decade, highlighting the potential for increased transparency and market access as regulations continue to evolve. ^{[1] [4]}

Citi & Blockchain

Rugg discussed Citi's ongoing efforts to implement blockchain solutions during an event that highlighted the convergence of traditional finance and emerging technologies. She reflected on the evolution of the blockchain space over the past decade, noting that, unlike early projects, there is now a significant push for practical applications and collaboration among various stakeholders. Citi has introduced services like Citi Token Services to facilitate real-time transactions across borders and is actively engaged in developing infrastructure that meets client demands for faster payments. However, Ryan emphasized the importance of regulatory clarity and risk management, stating that while evolving technology has potential, ensuring safety and stability in financial solutions remains a priority. Overall, the discussions highlighted a pivotal moment for Citi and the broader financial sector as they began to embrace blockchain and digital assets. ^[2]

Tokenization in Financial Services

On the Converge Podcast, Rugg discussed the potential of tokenization in the financial services industry. She explained that tokenization refers to the digital representation of various assets, such as cash, deposits, bonds, and other financial instruments, which could have a significant impact on the financial sector. However, the corporate adoption of tokenization has faced barriers, including a lack of standards and regulatory clarity. Despite these challenges, tokenization has the potential to enhance efficiency and security for corporate treasurers by enabling real-time liquidity and reducing reconciliation times.

Rugg highlighted that advancements in technology, particularly blockchain and smart contracts, could revolutionize the financial landscape by facilitating instantaneous transactions. She also emphasized the importance of collaboration with regulators to ensure safety and compliance as the industry navigates potential regulatory changes. Overall, the discussion reflected a cautious optimism regarding the future adoption of tokenization in finance, emphasizing the need for readiness as the landscape evolves. ^[5]

Future of Payments

During the 2025 International Trade & Payments Conference, a discussion was held regarding the evolution of digital assets and the future of payments. Participants Rugg and Karen Webster highlighted the complexity of digital assets, encompassing various types such as tokenized deposits, stablecoins, and cryptocurrencies, while also emphasizing the necessity of distinguishing technology like blockchain from its diverse use cases. The conversation raised concerns about perceived stagnation in payment innovations, particularly across borders, and debated whether blockchain was essential for enhancing efficiency within organizations or among multiple non-trusting parties.

Moreover, the dialogue examined the interplay between artificial intelligence and smart contracts in automating and reshaping business processes in finance, while also highlighting the critical importance of safety, regulatory compliance, and interoperability among various digital asset networks and traditional systems within the payments landscape. Challenges in adapting to new technologies, particularly in trade finance, were acknowledged, underscoring the need for changes in business processes and acceptance of digitized forms across different jurisdictions for successful implementation. ^[6]