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Banks Leverage Blockchain to Dominate Corporate Digital Asset Services
14 Aug
Summary
- Citi partners with Payoneer to enable blockchain-based treasury transfers
- JPMorgan Chase launches deposit token using distributed ledger technology
- Banks position themselves to offer a range of digital asset services, including stablecoins
In the wake of the GENIUS Act, which has fueled speculation about banks issuing stablecoins, two major financial institutions are making strategic moves to establish their presence in the corporate digital asset space.
As of August 14th, 2025, Citigroup has partnered with payments fintech Payoneer to support blockchain-enabled treasury transfers using Citi's Token Services, the bank's blockchain unit. This follows JPMorgan Chase's recent launch of its own deposit token, an alternative to stablecoins that also leverages distributed ledger technology to streamline transaction processing.
These initiatives position Citi and JPMorgan Chase to leverage their extensive payment businesses to offer a range of digital asset services, including stablecoins. This is expected to put pressure on other banks to develop their own strategies for the evolving digital asset landscape.
"Banks, regardless of size, need a stablecoin strategy now," said James Wester, director of crypto for Javelin Strategy & Research. "That doesn't mean they need every technical answer, but they do need a clear vision of where they fit and how they will connect their customers, partners, and developers into the next generation of money movement."
