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City is considering custody services for stablecoins and Bitcoin ETFs.
It was revealed in a Reuters report on August 14 that the major U.S. bank Citigroup is considering providing custody services for stablecoins and Bitcoin (BTC) ETFs. This is one example of major financial institutions expanding into the cryptocurrency business in response to U.S. regulatory developments.
Bishwarup Chatterjee, the Head of Partnership Innovation at Citigroup’s Services Division, stated that providing custodial services for high-quality assets that back stablecoins is a top priority. With Congress passing the Genius Act, which mandates stablecoin issuers to hold safe assets such as U.S. Treasuries and cash, new opportunities are being created for traditional custodial banks.
Additionally, the company is considering custody services for digital assets that support cryptocurrency-related investment products such as Bitcoin spot ETFs. The largest BlackRock Bitcoin ETF (IBIT) has a market capitalization of approximately $90 billion, and Mr. Chatterjee pointed out that equivalent Bitcoin custody is required. Currently, this sector is dominated by the cryptocurrency exchange Coinbase, which holds over 80% market share.
City is also developing a payment acceleration service utilizing stablecoins. Currently, it offers 24-hour tokenized dollar payments using a blockchain network between New York, London, and Hong Kong, but it is progressing in developing a service that allows customers to transfer stablecoins between accounts or convert them to dollars for immediate payments.