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Citi Expands into Stablecoin Custody and Payment Services
14 Aug
Summary
- Citi exploring stablecoin custody and other services
- Bank also considering stablecoin payments and conversion to dollars
- New US law paves way for stablecoins to be widely used for payments
In August 2025, Citigroup is exploring expanding its services to include stablecoin custody and other crypto-related offerings. This move comes as a new law passed by the US Congress has increased companies' interest in issuing and using stablecoins.
Citi's global head of partnerships and innovation, Biswarup Chatterjee, revealed that the bank is primarily looking at providing custody services for the high-quality assets, such as US Treasuries and cash, that are required to back stablecoins under the new regulations. This creates opportunities for traditional custody banks like Citi to play a role in the growing stablecoin market.
Beyond custody, Citi is also exploring the use of stablecoins to enable faster payments, which can typically take several days or longer in the traditional banking system. The bank is developing services to allow clients to send stablecoins between accounts or convert them to dollars for instant payments.
While Citi had previously announced it was considering issuing its own stablecoin, the bank's broader digital asset plans were not previously disclosed. The bank's move into stablecoin services is part of a broader trend, as several other major financial institutions, including Fiserv and Bank of America, are also eyeing opportunities in the stablecoin space following the new regulatory changes.
