Citigroup Explores Stablecoin Custody Services Amid Growing Crypto Interest

According to PANews, Citigroup is investigating the provision of stablecoin custody and other related services, as revealed by Biswarup Chatterjee, the group's Global Head of Collaboration and Innovation for the services division, in a recent interview. The financial institution is also considering offering custody services for digital assets that support cryptocurrency investment products. This move follows the U.S. Securities and Exchange Commission's approval of such products last year, leading many asset management firms to launch ETFs tracking Bitcoin's spot price. Furthermore, Citibank is developing services that would enable clients to transfer stablecoins between accounts or convert them into U.S. dollars for instant payments. The bank is actively engaging with customers to explore potential use cases for these services, reflecting a growing interest in integrating cryptocurrency solutions into traditional banking operations.