Citigroup is advancing its digital asset strategy by exploring custody and payment services for stablecoins and crypto-linked investment products, marking a notable shift as traditional banks deepen their involvement in the cryptocurrency sector. The bank confirmed Thursday that it is evaluating new opportunities made possible by recent U.S. legislation that defines the use and backing of stablecoins. The legal framework requires issuers to hold secure reserves—such as cash or U.S. Treasuries—creating an opening for custody providers. In an interview with Reuters, Biswarup Chatterjee, Citigroup’s global head of partnerships and innovation, emphasized the bank’s immediate focus:

Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at.

Beyond stablecoins, Citigroup is examining how it could support digital asset custody for cryptocurrency exchange-traded funds (ETFs). Since the U.S. Securities and Exchange Commission (SEC) began approving spot bitcoin ETFs last year, institutional demand for secure digital storage has increased. The Ishares Bitcoin Trust, managed by Blackrock, currently leads the space with approximately $90 billion in market capitalization. Chatterjee underscored the growing infrastructure needs tied to these offerings: “There needs to be custody of the equivalent amount of digital currency to support these ETFs.”

Though Coinbase continues to dominate ETF custodianship, the evolving landscape presents an entry point for Citigroup and other traditional financial players.

In payments, Citigroup already facilitates blockchain-based tokenized dollar transfers among major hubs like New York, London, and Hong Kong. It is now developing capabilities that would allow clients to transmit or convert stablecoins for instant settlements. While the bank is also weighing the possibility of launching its own stablecoin, any expansion in crypto services will require strict adherence to financial regulations, including anti-money laundering and cross-border compliance, along with enhanced protections for digital asset custody.

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