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What Is PayFi? The Future Of Payments With Tokenized RWAs And On-Chain Credit
February 13, 2025
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What Is Payment Finance (PayFi)? 

Payfi, or Payment Finance, is a broad term that generally refers to the intersection of financing payments and decentralized finance (DeFi). It leverages blockchain to offer faster, more efficient, and potentially cheaper financial transactions to unlock the time value of money.


 

Key Takeaways

  • PayFi focuses on real-time settlement and bridging DeFi with real-world assets (RWAs), addressing the limitations of both ecosystems.

  • PayFi enables users to unlock TVM (Time Value of Money) through decentralized finance, offering instant access to future cash flows for reinvestment.

  • Solana supports PayFi with high performance (400ms block times), deep liquidity, and a growing developer community.

  • PayFi use cases include accounts receivable financing, creator monetization, and "Buy Now Pay Never" models that leverage interest for payments.

Satoshi Nakamoto's whitepaper introduces Bitcoin as peer-to-peer (P2P) electronic cash for online payments among peers without third-party intervention. Fast-forward 15 years, Bitcoin is still not widely used as a digital payment medium for daily activities. 

Instead, stablecoins’ popularity seemed to have found a better product-market fit (compared to L1 tokens like BTC) for settlements, and since 2020, they’ve grown to a market cap of over $170 billion (as of October 2024).

For instance, stablecoins’ transaction volume is more than double that of Visa’s in the second quarter of 2024, according to a report by Andreessen Horowitz.

However, while stablecoins have facilitated everyday transactions, they haven't fully bridged the gap between traditional finance and the decentralized world. More importantly, they have not addressed the challenge of realizing the time value of money.

This is where Payfi comes in.

PayFi's solutions aim to make real-world financial transactions more efficient through innovations in cross-border payment financing and instant settlement for real-world assets (RWAs).

Understanding PayFi: DeFi Meets Payments Financing 

Lily Liu, President of the Solana Foundation, is credited with coining the term PayFi, which she describes as the creation of new financial markets centered on the time value of money. Liu asserts that on-chain finance can unlock innovative financial products and experiences that are not possible in traditional or web2 finance.

While DeFi provides a vast array of financial services, think staking, lending, and more, PayFi's primary focus is on real-time settlement to help individuals and businesses access and utilize the time value of money more efficiently.

Also mentioned in Messari's "The Crypto Theses 2025" report, PayFi helps to bridge two highly potential ecosystems, RWA and DeFi, by tackling their major challenges. RWAs’ illiquidity, despite its massive value and DeFi's detachment from the real econhttps://x.com/humafinance/status/1844510148082929797omy, can potentially be addressed with the efficient implementation of PayFi solutions.

Time Value of Money (TVM): PayFi's Core Concept from The Financial Industry 

Time Value of Money (TVM) is a fundamental financial concept that emphasizes the idea that a dollar's value today is greater than its value in the future. This concept is relevant in today's world because money invested now has the potential to generate higher returns compared to money received at a later time, as its value decreases over time due to inflation.

For example, suppose a person won a prize of $100,000 and needs to choose between receiving the full amount today or receiving it in equal monthly installments over the next five years. According to the TVM principle, taking the lump sum today would likely be more beneficial than opting for a monthly passive income, as the money can be invested immediately to generate returns, whereas the future installments would lose purchasing power due to inflation.

PayFi uses blockchain’s ability to be borderless to help users realize TVM via decentralized money markets. Besides reducing transaction costs, users can benefit from faster transaction times to reinvest their money or assets effectively.

Solana With PayFi: Transforming Global Financial Markets 

According to Solana Foundation President Lily Liu, there are three key requirements for a blockchain for PayFi-based applications to flourish on the network:

  • High performance

  • Large capital liquidity

  • Ample talent liquidity

1. Performance 

Near-instant settlements and T+0 cross-border transaction times are some of the biggest USPs of PayFi. To achieve such performance, a fast and reliable blockchain infrastructure is paramount.

Through Proof of History (PoH), Solana achieves block times of 400 milliseconds, allowing it to process (theoretically) over 100,000 transactions per second (TPS).

Along with this performance, the transaction fee of below $0.01 makes the blockchain more attractive for users and projects to try their hands on PayFi.

2. Capital Liquidity 

The availability of highly liquid capital is crucial for smooth operation, including real-time transactions, which the Solana ecosystem effectively provides. Solana has a total value locked (TVL) above $6 billion, ensuring ample liquidity for PayFi transactions.

USD Coin (USDC), the largest stablecoin on Solana, with a market cap of close to $2.5 billion, makes it a key pillar in maintaining liquidity and helping PayFi networks like Huma facilitate on-demand, cross-border lending, and remittances.

3. Talent Liquidity

A strong developer community is essential for building PayFi for a larger number of crypto users. Solana has a growing number of monthly active developers in the crypto ecosystem. To emphasize,  the number of total monthly active Solana developers rose from 244 in April 2020 to more than 3,300 in April 2024.  

Considering these, Solana is a suitable blockchain for practical PayFi use cases. The chain is capable of combining the best performance with low fees, capital liquidity, and an active developer community.

Potential Applications Of PayFi

According to Mordor Intelligence, the global payment financing market is expected to reach $2.85 trillion in 2024 and grow to $4.78 trillion by 2029. The Asia Pacific region is expected to grow the fastest during this period and account for the largest market share.

This immense growth highlights the critical need for efficient, scalable, and accessible financial infrastructure — exactly what PayFi aims to deliver.

Here are some potential applications of PayFi that can reshape the future of finance.

Buy Now Pay Never

Buy Now Pay Never allows users to benefit from the time value of money principle, where users can buy a product or service without the need to pay for it later. In this case, the user deposits an adequate amount of funds to PayFi-supported products and uses its interest as a payment method.

Imagine you want to buy a new phone that costs $1,000. Instead of paying upfront or taking out a traditional loan, you could use a PayFi platform to commit a portion of your future earnings toward the purchase. Let's say you agree to pay $100 per month from your salary.

Here's where yield-bearing stablecoins come in. These stablecoins generate interest while they are held. The PayFi platform could use your committed $100 monthly payments to purchase these stablecoins. These stablecoins are then locked into a smart contract that automatically generates yield. Over time, the accumulated interest and principal from the yield-bearing stablecoins will eventually cover the cost of the phone.

Once the total amount reaches $1,000, the smart contract automatically executes the final payment to the seller, and you officially own the phone without ever having to make a lump-sum payment.

Account Receivable

Accounts receivable financing bothers the majority of businesses without surplus funding or financial institutions' backup, which might even lead to operational failures due to a lack of money. According to the Atradius report, 55% of businesses in the US receive late invoice payments, and 9% face bad debt.

To address this issue, PayFi introduces a decentralized and automated approach to accounts receivable financing. Traditional invoice financing relies heavily on intermediaries such as banks or financial institutions, causing delays, added fees, and restrictive credit evaluations. With PayFi, businesses can access instant liquidity by tokenizing their invoices or receivables and using them as collateral on blockchain-based platforms.

The availability of faster funds helps businesses maintain a safety cushion, allowing them to have a runway fund for unexpected expenses or to expand their growth opportunities without the constraints of delayed payments.

Creator Monetization

The creator economy is on a rapid upsurge with the global market size expected to surpass $500 billion by 2030. However, even on popular platforms, creators have to wait weeks to earn revenue for their latest videos. 

In this scenario, PayFi can help content creators finance their video production by providing funds beforehand to create the complete video, which they can return automatically based on the return generated from streaming revenue.

This PayFi service allows creators, especially micro-influencers, to continuously deliver videos without waiting until their next pay.

Notable Players In PayFi Space

As slow remittances and settlement times continue to slow down commerce, many teams are coming together to tackle the challenges head-on.

Here, we will look at three notable projects in the PayFi ecosystem:

  1. Huma Finance

  2. PolyFlow

  3. TLay

1. Huma Finance

Huma Finance is an innovative platform focusing on bridging DeFi with real-world financial applications, particularly through income-backed lending and payment financing solutions.

The project positions itself as a pioneer in the Payment Finance (PayFi) space, using blockchain’s capabilities to offer real-time, borderless liquidity for businesses and individuals.

Huma Finance provides an on-chain factoring market, allowing businesses to borrow against future income or invoices. This solution helps companies with cash flow challenges, offering immediate liquidity by transforming receivables into digital assets on the blockchain.

The platform's integration with networks like Circle, Superfluid, and Request Network showcases its focus on making decentralized invoice financing accessible and efficient for various stakeholders​.

With recent funding of $38 million and a partnership with Arf to expand liquidity offerings, Huma is growing its PayFi network across blockchains like Stellar and Solana. Its approach enables faster settlements and makes financial services more accessible by moving away from asset-based lending towards cash-flow-based underwriting.

Core Focus

  • PayFi: Huma is a pioneer in the PayFi space, aiming to bring traditional payment financing processes onto the blockchain. This includes invoice financing, supply chain financing, and more.   

  • Global lending: They facilitate cross-border lending and borrowing, making it easier for businesses and individuals to access capital regardless of location.   

  • Real-world assets (RWAs): Huma is working to connect real-world assets to the blockchain, enabling new financing opportunities and unlocking liquidity for previously illiquid assets.

2. PolyFlow

PolyFlow is a blockchain-based infrastructure designed to improve the Payment Finance (PayFi) ecosystem by integrating DeFi with real-world payments and assets. Its primary goal is to address the limitations of traditional and blockchain-based payments by improving compliance, scalability, and transparency.

PolyFlow introduces two key elements:

  1. Payment ID (PID): This decentralized ID system securely manages transaction flows, protecting user privacy through zero-knowledge proofs while ensuring regulatory compliance. PID functions similarly to a digital wallet, containing various elements like payment methods, digital identities, or NFTs, enhancing cross-functional use.

  2. Payment Liquidity Pool (PLP): This component facilitates the secure and efficient movement of funds without relying on centralized institutions. Using smart contracts, PLP automates fund flows, reducing settlement risks and enhancing capital utilization for both TradFi and DeFi systems.

PolyFlow is working to create a unified financial infrastructure by decoupling the information and fund flows, which were traditionally managed by centralized systems. This modular framework ensures compliance with regulatory requirements and mitigates custodial risks.

The project is already collaborating with partners like OKX Wallet and exploring innovative use cases like “Scan to Earn”.

Core Focus

  • PayFi infrastructure: PolyFlow is developing basic infrastructure for the PayFi ecosystem. They're focused on bridging the gap between traditional payment systems and decentralized finance (DeFi).   

  • Regulatory compliance: A key aspect of their approach is ensuring regulatory compliance. They aim to build a system that meets regulatory requirements while still making the best of what blockchain has to offer.

  • Security and efficiency: PolyFlow prioritizes security and efficiency in its design to support net settlements and micropayments on blockchain networks, reflecting Bitcoin’s original vision.

3. TLay

TLay (Trust Layer for DePIN) is a decentralized infrastructure layer designed for Decentralized Physical Infrastructure Networks (DePIN). Its goal is to bridge the physical and digital worlds by offering modular tools that facilitate large-scale collaboration among machines and devices, and enabling the management of RWAs through blockchain-based solutions.

TLay integrates various technologies, including trusted chipsets, IoT oracle services, and DePIN-specific appchains. This structure simplifies the development process for projects in the DePIN ecosystem by providing ready-to-use frameworks and tools for bootstrapping new applications. Developers can use these components to quickly launch innovative distributed digital finance and business solutions.

One of TLay’s main objectives is to ensure data authenticity, privacy, and transparency. For example, its BoAT3 IoT Oracle Service authenticates data from physical devices directly onto the blockchain, preventing data manipulation while supporting privacy. This setup is crucial for creating trust within DePIN ecosystems, where accurate real-time data feeds are necessary.

In collaboration with partners like Huma Finance, TLay also plays a role in PayFi (Payment Finance) innovations by ensuring trust and data security. This partnership allows PayFi systems to leverage trusted on-chain data to provide credit and real-time lending solutions, helping drive the development of machine-based economies where automated payments and financing are key drivers of growth.

Core Focus

  • DePIN infrastructure: TLay focuses on decentralized physical infrastructure networks, which include things like wireless networks, renewable energy grids, and sensor networks.

  • Digital twin technology: They create digital representations (or "digital twins") of physical assets on the blockchain. This allows for secure and transparent tracking, management, and monetization of these assets.

  • Data integrity: TLay ensures the integrity of data coming from physical assets using cryptographic proofs and decentralized consensus mechanisms. This is crucial for building trust and reliability in DePIN networks.

Conclusion

Payment Finance (PayFi) changes the way payments are conducted in the financial space, including traditional decentralized finance. With the proper implementation of PayFi solutions, users can access future capital “now” and finance their other interests.

We're still in the early stages of the PayFi revolution, but the potential is enormous. By connecting RWAs, automating payments, and merging DeFi with TradFi, PayFi is transforming the financial landscape.

Further, with events like the 2024 PayFi Summit, co-hosted by Solana, the word is spreading rapidly and community growth is accelerating. Given the nature of the technology, PayFi applications will very quickly go beyond the virtual world and impact the real-world economy.

 

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🧬VINDICATED! The Epstein Files Connect Gates, Pandemics & Censorship to a Globalist Blueprint for a Biosecurity State🧬

Every warning. Every documentary. Every article. Every post that got us banned. All of it was true. Now what? What can we do? Read on, share this Substack, help us save lives! The Light is shining! ✨

Well, well, well… look what the cat dragged in.

Actually, scratch that. Look what the Department of Justice finally dragged out of Jeffrey Epstein’s email inbox and dumped on the world’s doorstep like a rotting corpse nobody wanted to claim. Yep, that’s right. The Epstein files. It’s hilarious how the “Democratic hoax” and “fantasy” client list we were all told didn’t exist suddenly became a very real, very unsealed document.

For years—years—they called us conspiracy theorists. They slapped “misinformation” labels on our posts faster than Pfizer could print liability waivers. They kicked us off platforms, lied about us in the media, and shadow-banned our reach. Meanwhile, the real conspiracy—the one typed out in black-and-white emails between billionaires, bankers, and a convicted pedophile—was sitting in a government vault, waiting to prove us right.

And now? Now the receipts are public.

The release of Jeffrey Epstein’s files has done far more than expose a network of elite pedophilia and blackmail—it has vindicated truth-tellers like us and countless others who were smeared, censored, de-platformed, and persecuted for warning about the sinister agendas of the globalist elite. The documents reveal shocking connections between Epstein, Bill Gates, pandemic planning, and the systematic suppression of anyone who dared to connect the dots.

We weren’t crazy. We were just early. And they hated us for it.

Epstein, Gates, and the Pandemic “Business Model” They Built Together

One of the most damning revelations from Epstein’s files is his partnership with Bill Gates. Forget the carefully crafted PR spin about “regretting” those meetings. These weren’t casual dinners. These were planning sessions.

Back in 2015, Gates and Epstein exchanged emails about “preparing for pandemics” and strategies to “involve the WHO.” Gates wrote: I hope we can pull this off.”

How’s that for a chill down your spine?

This eerily foreshadowed the 2019 Event 201 simulation—a pandemic exercise hosted by the Gates Foundation, Johns Hopkins, and the World Economic Forum that just happened to model a global coronavirus outbreak… just months before COVID-19 ”mysteriously” emerged in Wuhan. Funny how that works, isn’t it?

But let’s rewind even further, to the real blueprint—the financial architecture that made the pandemic response not just possible, but profitable.

The story crystallizes in a chilling 2011 email exchangeJuliet Pullis, a JPMorgan executive under then-chairman Jes Staley, emailed Jeffrey Epstein with a list of detailed questions. The source? “The JPM team that is putting together some ideas for Gates.

The questions were precise: What are the objectives? Is anonymity key? Who directs the investments and grants? This wasn’t JPMorgan consulting an expert; it was a trillion-dollar bank asking a convicted felon to architect a billion-dollar philanthropic fund for Bill Gates.

This wasn’t JPMorgan consulting a philanthropic expert. This was a trillion-dollar bank asking a convicted felon to architect a billion-dollar philanthropic fund for one of the richest men on Earth. Let that marinate for a moment.

Epstein’s reply was fluent and commanding. He described a donor-advised fund with a “stellar board” and ties to the Gates-Buffett “Giving Pledge.” He noted the billions already pledged and identified the gap: “They all have a tax advisor, but have no real clue on how to give it away.” His solution? JPM would be an integral part. Not advisor… operator, compliance. Staley’s response: We need to talk.

By July 2011, the plan evolved. In an email to Staley, copying Boris Nikolic (Gates’ chief science advisor), Epstein laid out the core pitch: A silo based proposal that will get Bill more money for vaccines.”

Not “more research for pandemics.” Not “better public health infrastructure.” More money for vaccines.” This is the unambiguous language of capital formation, not charity. It reveals the structure’s intended output planning reached the highest levels.

In August 2011, Mary Erdoes, CEO of JPMorgan’s $2+ trillion Asset & Wealth Management division, emailed Epstein (while on vacation) with additional operational questions.

Epstein’s reply was breathtaking in scope:

  • Scale: “Billions of dollars” in two years, “tens of billions by year 4.”

  • Structure: Donors choose from “silos” like mutual funds.

  • The Kicker: However, we should be ready with an offshore arm — especially for vaccines.”

An offshore arm. For vaccines. For a charitable vehicle. Let that sink in.

So, by the time the world was panicking in March 2020, the financial machinery was already built. The investment vehicles, the donor-advised funds, the reinsurance products at places like Swiss Re, and even the simulation playbooks were dusted off and ready to go.

The pandemic wasn’t an interruption to their business—it was the Grand Opening.

Epstein’s role extended far beyond trafficking; he was a facilitator and blackmail operative for the global elite. The same forces that orchestrated the COVID-19 power grab—the mask mandates, lockdowns, censorship, and coercive mRNA push—are the ones who silenced critics like us.

Gates, despite his documented ties to Epstein (multiple flights on the “Lolita Express” after Epstein’s 2008 conviction), walks freely. He’s on TV. He’s advising governments. He’s still funding “global health initiatives” and pushing digital IDs, vaccine passports, and climate lockdowns.

Meanwhile, people like our friend, Joby Weeks, are under house arrest without charges, and voices like ours were de-platformed, demonetized, and destroyed for saying this very thing.

We told you. You knew it in your gut. Now you have the emails.

Censorship: The Elite’s “Misinformation” Label to Cover Their Crimes

The Epstein files expose not just criminal behavior, but the playbook for the systematic suppression of truth. While Epstein’s powerful friends were being protected by the FBI, the DOJ, and the media, platforms like Facebook (Meta), YouTube (Google), and Twitter went to war against anyone talking about it.

Think about the sheer audacity.

We were banned from social media for calling COVID-19 a “fake pandemic” and exposing the vaccine injury data that’s now undeniable.

Below is a screenshot of the first Facebook post that was taken down and then used as “Exhibit A” in their “reports” about how bad we were, naming us the 3rd most dangerous people on earth after Dr Joseph Mercola and Bobby Kennedy in the digital hit list they called the “Disinformation Dozen.” They attacked us, lied about us, and pressured the media, social media, and population at large to do the same: attack, threaten, and cast us out.

We were labeled “dangerous” for sharing emails, documents, and research that the DOJ and the CDC have now confirmed.

It was never about “safety.” It was about narrative control.

The same institutions that turned a blind eye to Epstein’s crimes for decades—the same ones that let him “commit suicide” in a maximum-security prison with cameras conveniently malfunctioning—suddenly became the ruthless hall monitors of “acceptable discourse,” ensuring only their approved stories could be told.

Big Tech, Big Media, and Big Government are all part of the same protection racket. They shielded Epstein’s client list, and now they shield the architects of the pandemic debacle. Independent journalists, researchers, and health advocates like us, who connected these dots, were systematically de-platformed, demonetized, and destroyed.

Why? Because we were right, and that was the greatest threat of all.

When you’re over the target, that’s when the flak gets heaviest. And brothers and sisters, we were getting shelled.

They Lied About Us While Protecting the Real Criminals

Let’s be crystal clear about what happened here.

We have spent decades exposing the cancer industry, Big Pharma’s corruption, and the suppression of natural health solutions. We produced The Truth About Cancer docu-series, reaching millions worldwide. We warned about vaccine injuries, censorship, and the coming medical tyranny years before COVID-19.

And what did they do? They called us “Conspiracy Theorists,” “Anti-Vaxxers,” and “Killers.” Dangerous.

They said we were killing people with “misinformation.”

Facebook banned us. YouTube deleted our videos. Legacy media ran hit pieces. PayPal froze our accounts.

All while Bill Gates—a man with documented ties to Jeffrey Epstein, who flew on his plane multiple times after Epstein’s conviction, who got STDs from Russian girls Epstein provided for him for which Gates asked Epstein’s help getting him antibiotics to slip secretly to his then wife, Melinda, so that she would not know about his inexcusable and perverted escapades—yes, THAT Bill Gates—was at the same time, being platformed on every major news network as the world’s health oracle.

All while Anthony Fauci—who funded gain-of-function research in Wuhan through Peter Daszak and EcoHealth Alliance, who lied under oath to Congress, who flip-flopped on masks, lockdowns, and vaccines—was treated like a saint. Time Magazine’s “Guardian of the Year.”

All while Pfizer—a company with a $2.3 billion criminal fine for fraudulent marketing, bribery, and kickbacks—was given blanket immunity from liability and billions in taxpayer dollars to produce a vaccine in record time with no long-term safety data.

Were we the dangerous ones?

No.

We were the truthful ones. And that made us the enemy.

The Weaponized Institutions: From Epstein’s Blackmail to Your Digital ID

Epstein’s operation was never just about blackmail for perversion; it was blackmail for control. The files show his cozy ties to intelligence agencies (Mossad, CIA), financial giants like JPMorgan and Deutsche Bank, and political leaders across the globe.

This is the same cabal now pushing:

  • The Great Reset

  • Digital IDs

  • Central Bank Digital Currencies (CBDCs)

  • 15-minute cities

  • Carbon credit social scoring

  • Vaccine passports

Let’s connect the dots they desperately don’t want you to see:

Financial Control:

JPMorgan banked Epstein for years despite clear red flags—over $1 billion in suspicious transactions flagged internally and ignored. They knew. They didn’t care. They paid a $290 million fine and moved on.

Now, banks like Bank of America, Chase, and PayPal de-bank conservatives, truckers, health freedom advocates, and anyone who questions the narrative. Canadian truckers. Gun shops. Crypto entrepreneurs. The goal is the same: punish dissent and control economic life.

CBDCs are the endgame—a digital leash on every citizen. Programmable money that can be turned off, restricted, or expired. Social credit by another name.

Medical Tyranny:

The FDA, CDC, and WHO—utterly captured by Big Pharma—lied about:

  • COVID origins (Wuhan lab leak dismissed as conspiracy theory)

  • Vaccine efficacy (”95% effective” turned into “you need boosters forever”)

  • Natural immunity (ignored despite being superior)

  • Early treatments (ivermectin, hydroxychloroquine, vitamin D censored and mocked)

They attacked natural health advocates just as they’ve done for decades with cancer cures, detox protocols, and anything that threatens Big Pharma profits. They are not health agencies; they are profit-enforcement arms dressed in lab coats.

Political Corruption:

Epstein’s blackmail ensured elite immunity. His client list includes presidents, princes, CEOs, scientists, and media moguls.

Meanwhile, true dissidents—Julian Assange (tortured in prison for journalism), Edward Snowden (exiled for exposing mass surveillance), and journalists like us—face persecution, imprisonment, debanking, slanderous hit pieces, and/or constant character assassination.

Two systems of justice: one for them, one for you. One for Epstein’s friends, one for truth-tellers.

The Way Forward: They’re Exposed. Now It’s Time to Build.

The Epstein files are more than proof; they are a declaration that the system is rotten to its core. But here’s the beautiful part: they vindicate us completely.

Every warning. Every documentary. Every article. Every post that got us banned. All of it was true.

The globalists’ grip is weakening. The truth—the real, ugly, documented truth—is erupting from the very files they tried to hide. They labeled us liars, but the emails show they were the architects. They silenced us, they censored us, but that only made our voices more necessary.

Epstein did not kill himself. COVID-19 was not natural. The vaccines were not safe or effective. The censorship was not about protecting you—it was about protecting them.

And now? Now it’s time to use this vindication as fuel. Not for revenge, but for revolution. A revolution of truth, health, freedom, and justice.

They tried to bury us. They didn’t know we were seeds.

The Epstein files are a smoking gun. A paper trail. A confession written in emails, financial structures, and offshore accounts.

They prove what we’ve been saying all along:

  • The system is rigged.

  • The elites are criminals.

  • The pandemic was planned.

  • The censorship was coordinated.

And we were right. 👍

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💳Citi’s Strategy to Dominate Institutional Payments💳

Citi's Institutional Payments Strategy

Citi’s Strategy to Dominate Institutional Payments is built on a foundation of technological innovation, strategic simplification, and a laser focus on institutional clients. The bank has transitioned from a fragmented global retail bank to a streamlined provider of high-margin institutional services, with its Treasury and Trade Solutions (TTS) and Securities Services segments now considered its "crown jewel." This shift, led by CEO Jane Fraser, involved exiting 14 international consumer markets and slashing decades of "tech debt" through a multi-billion-dollar partnership with **Google Cloud**, creating a modern, unified data and cloud infrastructure.

At the core of Citi’s dominance in institutional payments is Citi Token Services, a blockchain-powered platform launched in September 2023. This service converts client deposits into digital tokens, enabling 24/7, real-time cross-border payments, automated trade finance, and just-in-time liquidity management. By using private blockchain technology managed entirely by Citi, clients avoid the need to host their own nodes. The solution has been successfully piloted with Maersk and a canal authority, demonstrating how smart contracts can reduce transaction times from days to minutes—mirroring the functions of traditional bank guarantees and letters of credit.

Citi is further strengthening its position through strategic partnerships, such as its collaboration with Coinbase to expand digital asset payment solutions for institutional clients, enabling seamless fiat-to-crypto transitions. The bank is also leveraging generative AI to automate regulatory compliance, improve cash forecasting by 50%, and reduce operational case times by 90%, directly enhancing the efficiency and reliability of its payment services.

With a global network spanning 95 countries and a focus on real-time, transparent, and programmable financial services, Citi is redefining the institutional payments landscape. Its strategy—centered on infrastructure modernization, digital asset innovation, and client-centric automation—positions it to capture market share from both traditional banks and fintechs, particularly as cross-border instant payments become the norm by 2028.

As blockchain infrastructure inches closer to the core of global finance, a consequential debate is taking shape inside banks and among institutional investors.

What form of digital money will ultimately dominate on-chain settlement?

Stablecoins have so far captured the spotlight, buoyed by rapid adoption and growing regulatory attention. But a different shift is underway inside the banking sector, where executives are increasingly confident that tokenized bank deposits, and not privately issued stablecoins, could become the preferred on-chain dollar for institutional and wholesale use.

“We don’t start with the asset,” Biswarup Chatterjee, global head of partnerships and innovation, Citi Services at Citi, told PYMNTS. “We typically start with our client need, and then we look at the pros and cons of each type of asset or financing instrument.”

For institutional money, innovation can often begin with constraint.

“When you’re dealing with money as a financial institution, you’re acting in a fiduciary capacity,” Chatterjee said, framing why safety and soundness dominate early conversations with clients.

From that perspective, the critical questions around new digital instruments are regulatory and operational before they are technological. Are these assets well-regulated? Do they operate within clearly defined legal frameworks? Can they be governed with the same rigor as traditional deposits or securities?

For institutions that manage systemic liquidity, and their clients, those questions are becoming non-negotiable. Within that context, tokenized deposits are what is emerging as a natural evolution of existing bank money.

“Within the bank’s network, tokenized deposits are an efficient way for our clients to be able to get that 24/7, always-on availability,” Chatterjee said.

The Race to Define the On-Chain Dollar for Institutional Use

By anchoring decisions in client economics and workflows, banks are positioning themselves less as promoters of specific technologies and more as integrators tasked with assembling the right mix of tools for each use case. Institutional clients are not simply looking for digital replicas of existing money; they are grappling with the friction of moving funds across use cases and jurisdictions.

“There’s this constant need to transform money across its various forms and shapes,” Chatterjee said, adding that payments, working capital and financing increasingly overlap, and inefficiencies emerge when money cannot move fluidly between those roles.

By representing deposits on distributed ledgers, banks can offer real-time movement of money across accounts, entities and geographies without leaving the regulated perimeter. For enterprises and institutions, this promises faster settlement, improved liquidity management and reduced operational friction, all without introducing new balance sheet or counterparty risks.

In this sense, tokenized deposits may turn out to be less disruptive than they appear. They modernize the plumbing of banking rather than bypassing it, extending familiar money into programmable environments.

Regulation, Interoperability and the Velocity of Money

The moment money exits a bank’s direct network, however, the strengths of tokenized deposits begin to fade. Cross-border payments, underbanked regions and counterparties outside major financial institutions can expose gaps in reach and efficiency when it comes to tokenized deposits.

This is where Chatterjee said he sees a role for stablecoins, not as competitors to banks, but as connective tissue.

“When money leaves the bank’s network and goes out into the external ecosystem, that’s where we see the role of stablecoins coming in,” he said, assuming they operate in a “very safe and sound and regulated manner.”

The result is likely to represent not a binary choice but a continuum. Just as checks, wires, cash and instant payments coexist today, digital money is likely to fragment into specialized forms optimized for different environments.

At the heart of the impact financial blockchain is having on digital money’s evolution lies a deceptively simple question: What makes money “good”?

For Chatterjee, the answer hinges on universal acceptance and trust.

“What makes a currency strong … has a lot to do with universal acceptance,” he said.

Assets that cannot be readily transferred or accepted risk becoming stranded, unable to circulate productively; while trust is fundamental to the value and stability of money, no matter its form. That logic applies equally to tokenized deposits and stablecoins. Without trust and transferability, neither is likely to function as a true institutional settlement asset.

Despite the focus on tokens and technology, Chatterjee was clear about where long-term value resides. It is not in the token itself, but in service.

“Client service and the client experience is what is going to drive the winning proposition,” he said.

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New Allegations Link Former National Intelligence Leaders Clapper and O’Sullivan to UFO Shoot-Down and Retrieval Program

Written by Christopher Sharp - 24 January 2026

Multiple sources have told Liberation Times that, during the Obama administration, senior intelligence figures James Clapper and Stephanie O’Sullivan oversaw a program relating to Unidentified Anomalous Phenomena (UAP) within the Office of the Director of National Intelligence. 

The sources allege the effort involved the shootdown and recovery of exotic vehicles thought to be of non-human origin.

Three separate sources told Liberation Times that Clapper allegedly ran the program alongside O’Sullivan, dating back to his tenure as Under Secretary of Defense for Intelligence from 2007 to 2010

During that period, O’Sullivan led the CIA’s Directorate of Science and Technology before being promoted in 2009 to become the agency’s third-most senior officer.

One source alleged to Liberation Times that Clapper and O’Sullivan oversaw a program codenamed ‘Golden Domes,’ which the source claimed was jointly run by the CIA and the United States Air Force (USAF), where Clapper previously served.

The source further alleged that the program could detect and track UAP even when ‘cloaked’ and as they physically manifested.

The same source claimed the program employed a mix of electronic and laser-based capabilities intended to bring down what the source described as ‘exotic non-human vehicles.’

Sources were unable to offer Liberation Times a clear explanation for why the U.S. government would choose to engage UAP, including whether any such actions were taken routinely, in specific circumstances, or in relation to any potential understandings or rules of engagement involving other purported non-human factions.

In the recently released documentary ‘The Age of Disclosure’, James Clapper alleged that a secretive USAF program had been actively monitoring UAP, particularly over the highly classified Area 51 facility in Nevada - an epicentre of cutting-edge military development and testing.

Clapper, a former Chief of USAF Intelligence, stated:

“When I served in the Air Force, there was an active program to track anomalous activities that we couldn’t otherwise explain - many of them connected with ranges out west, notably Area 51.”

In a recent interview with journalist Megyn Kelly, former intelligence official, USAF veteran, and UAP whistleblower David Grusch claimed that James Clapper managed a UAP program, stating:

“I'm a little bit disappointed as a fellow Air Force officer…. That's all he said in the documentary: that there was a program he was aware of. 

 

“In fact, without being inappropriate, I will say that General Clapper was well aware of the crash retrieval issue, managed the crash retrieval issue, and, when he was a DNI [Director of National Intelligence], USDI [Undersecretary of Defense for Intelligence and Security], DIA [Defense Intelligence Agency], he placed people in critical roles to manage this issue, both publicly - and I'll just say not publicly as well - and I'll allow the audience to distill what I'm saying at the, at the risk of being inappropriate or going too far with my discussion. 

 

“So General Clapper, Stephanie O’Sullivan, other folks in the IC [Intelligence Community] that are well aware of this issue, that were in rooms discussing this issue, I ask you to be greater leaders on this. I should not be the only former military officer and intelligence official that is being completely candid with the information that they were exposed to.”

Grusch’s lawyer, Charles McCullough III served as the Intelligence Community Inspector General, reporting directly to then–Director of National Intelligence James Clapper.

In that role, according to his biography, McCullough ‘oversaw intelligence officers responsible for audits, inspections, and investigations. Furthermore, he was responsible for inquiries involving the Office of the Director of National Intelligence as well as the entire Intelligence Community.’

                            Above: Charles McCullough, III and James Clapper

Grusch, in that same interview, also alleged that former Vice President Dick Cheney, who has since died, was the “closest person” to a “mob boss,” exerting “central leadership” over UAP-related activities.

Notably, Dick Cheney’s wife, Lynne Cheney, served on Lockheed Corporation’s board of directors from 1994 to 2001.

Against that backdrop, in written testimony to Congress, Lue Elizondo, the former director of the Pentagon’s Advanced Aerospace Threat Identification Program, claimed that Naval Air Station Patuxent River in Maryland was among the sites prepared in connection with an alleged transfer of UAP materials to Bigelow Aerospace from Lockheed Martin - an organisation long accused of involvement in an alleged UAP reverse-engineering program.

In a 2013 Fox News interview, Dick Cheney said he first met James Clapper around 25 years earlier, when Clapper was serving as a USAF intelligence officer in Korea.

James Clapper served as the fourth Director of National Intelligence under President Obama from August 2010 to January 2017. Before that, he was Under Secretary of Defense for Intelligence from 2007 to 2010 under President George W. Bush and Vice President Dick Cheney.

Clapper also previously served as Director of the National Geospatial-Intelligence Agency and Director of the Defense Intelligence Agency

In his book Facts and Fears, he recounts how he was assigned as the USAF senior resident officer at the National Security Agency (NSA) to represent Air Force interests. In February 1980, then-NSA Director Vice Admiral Bobby Inman presided over Clapper’s promotion to colonel, as he assumed responsibility for all Air Force personnel stationed at the NSA.

Clapper writes in his book that he served as an intermediary for Vice Admiral Bobby Inman, whom he describes as “an icon and a legend” and who has also been alleged to be a UAP gatekeeper.

Inman was clearly aware of the link between O’Sullivan’s former office and UAP-related matters. In a now-public phone call with NASA engineer Bob Oechsler, Inman said that Everett Hineman, then Deputy Director of the CIA’s Directorate of Science and Technology, would be “the best person” to ask whether any recovered UAP vehicles might be made available for technological research outside military channels.

Notably, former NSA administrator Mike Rogers has recalled in an interview that, while serving as Director of National Intelligence, Clapper unexpectedly ordered him and his team to review the NSA’s files and provide everything relating to UFOs.

Upon being nominated as Director of National Intelligence by President Obama in 2010, Clapper was described as having developed close ties to the intelligence community during his long career and is particularly close to senior managers at the CIA.

In 2011, Clapper recommended that President Obama nominate Stephanie O’Sullivan as Principal Deputy Director of National Intelligence (PDDNI). 

Before her nomination, O’Sullivan served as the CIA’s Associate Deputy Director from December 2009 to February 2011, working alongside the Director and Deputy Director to provide overall leadership of the agency, with a particular focus on day-to-day management. 

                                                Above: Stephanie O’Sullivan

Before that, she served as the CIA’s Deputy Director of Science and Technology for 4 years. According to Liberation Times sources, the CIA’s Directorate of Science and Technology has and continues to be involved in coordinating UAP retrieval missions and safeguarding technologies derived from UAP-related research carried out by the Department of War (DoW) and its contractors.

Based on the best available open source information, previous Deputy Directors of the CIA’s Directorate of Science and Technology include:

  • Albert Wheelon 1963-1966

  • Carl Duckett 1966-1967

  • Leslie Dirks 1967-1982

  • R. Evan Hineman 1982-1989

  • James Hirsch 1989-1995

  • Ruth David 1995-1998

  • Gary Smith 1999-1999

  • Joanne Isham 1999-2001

  • Donald Kerr 2001-2005

  • Stephanie O’Sullivan 2005-2009

  • Glenn Gaffney 2009-2015

  • Dawn Meyerriecks 2015-2021

  • Todd Lowery 2021-present

In his book, ‘Facts and Fears’, Clapper writes that he knew O’Sullivan by reputation as a brilliant technical engineer, and that then-CIA Director Leon Panetta put her forward to him as his deputy - someone who could help cover his blind spots when CIA-related issues arose

Clapper describes the day of O’Sullivan’s confirmation to PDDNI - a title O’Sullivan jokingly referred to as ‘P-Diddy’ - as ‘an extremely happy one’. Their working relationship within the ODNI was extremely close, and Clapper has written that he learned to adopt the line “Stephanie speaks for me, even when we haven’t spoken.”

O’Sullivan entered the intelligence world after responding to a cryptic newspaper classified advert seeking an “ocean engineer”. That move led her to TRW, the defense contractor absorbed into Northrop Grumman, and later the Office of Naval Intelligence. Liberation Times sources allege that Northrop Grumman’s Tejon Ranch Radar Cross Section Facility in southern California is a site where UAPs are routinely retrieved.

Since her retirement from government in 2017, O’Sullivan now serves as a member of the Board of Trustees of the Aerospace Corporation and is on the Board of Directors of Battelle Memorial Institute. 

Battelle and The Aerospace Corporation have both been referenced publicly in connection with UAP programs

Sources also note that O’Sullivan sits on the board of HRL Laboratories, formerly Hughes Research Laboratories, part of the wider Hughes corporate legacy that is closely associated with the Hughes Glomar Explorer, the vessel later linked to the CIA’s effort to recover a sunken Soviet submarine.

Sources told Liberation Times that Stephanie O’Sullivan has been questioned by the Senate Select Committee on Intelligence about her alleged role in a UAP program

The sources further allege that she misled committee members, including then Senator Marco Rubio, now Secretary of State, by nervously claiming that she had no involvement.

Allegations of kinetic engagement have surfaced in other contexts. 

In written testimony submitted to Congress, journalist George Knapp relayed what he said he was told by figures linked to a former Russian Ministry of Defense UAP program: that Russian fighter aircraft were dispatched to intercept UAP on numerous occasions and, in a small number of cases, were ordered to fire. 

Knapp wrote that after several alleged incidents in which aircraft subsequently crashed, a standing order was issued instructing pilots to disengage and ‘leave the UFOs alone because, quote, “they could have incredible capacities for retaliation.”’ 

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