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Citi Considers Entering the Crypto ETF and Stablecoin Custody Arena
In a recent statement, Citigroup has expressed its interest in entering the digital asset custody market. The bank is reportedly exploring the possibility of providing custody services for stablecoins and cryptocurrency exchange-traded funds (ETFs).
According to Biswarup Chatterjee, Citi’s Head of Innovation, the financial institution may also consider offering payment and conversion services for these digital assets.
The growing interest in stablecoins can be attributed to recent regulations that require issuers of these coins to have low-risk assets such as U.S. Treasury Bonds or cash.
Source: cryptogiggle.com
