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Citigroup has made a significant move into the crypto market by announcing its plans to offer stablecoin custody and ETF support. The bank is positioning itself as a key player in regulated digital finance, leveraging its banking-grade infrastructure and compliance capabilities.
The institution’s services division has already begun discussing potential use cases for stablecoins with clients, highlighting the growing demand for faster transactions. Citigroup aims to facilitate seamless movements of stablecoins between New York, London, and Hong Kong, utilizing blockchain-based systems. The bank emphasizes ensuring that all assets involved in custody or payments were legally acquired and secured.
This strategic move comes as a response to new U.S. legislation clearing the path for mainstream stablecoin adoption. Citigroup is seeking to capitalize on the burgeoning demand for institutional-grade digital asset management solutions by offering services tailored to their needs.
As part of its crypto expansion, Citigroup also plans to provide digital asset custody for Bitcoin ETFs, which have seen tremendous growth following regulatory approval in the U.S. last year. By targeting cryptocurrency assets tied to ETFs, Citigroup aims to support the growth of crypto-linked investment products by offering secure and compliant storage solutions.
The bank’s entry into the crypto space further solidifies its position as a major player in the financial landscape.
Source: coincentral.com
