Digital assets continue to attract significant attention, and some corporate treasury departments are beginning to leverage the benefits this new technology offers. This masterclass focuses on separating fact from fiction, examining real-world treasury use cases, key risks, and the control frameworks needed to take this technology into the future. Based on Citi’s global rollout of Citi Token Services over the past year and a half, as well as client experience and feedback, we will explore what the “next phase” looks like for the finance community. Topics include how tokenization and on-chain settlement can reshape liquidity management, payments, and intraday liquidity; how treasurers should approach operating models and governance; and what capabilities need to be developed today to remain future-ready.