The Third-Largest US Bank is Preparing to Launch Its Own Stablecoin! Here Are the Details

Citigroup, the third-largest bank in the United States, announced that it is considering issuing its own stablecoin to expand its digital payment infrastructure. Citigroup Considers Issuing Stablecoin for Digital Payments Move This information was shared with analysts after an earnings call by CEO Jane Fraser, Reuters reported. Fraser noted that Citigroup is exploring the idea of a potential “Citi stablecoin,” but its primary focus is on tokenized deposits. Fraser also said the bank could also look into areas such as managing stablecoin reserves or providing custody services for crypto assets. Citigroup’s move is seen as part of the recent surge in stablecoin interest on Wall Street. Earlier this week, JPMorgan CEO and longtime cryptocurrency critic Jamie Dimon confirmed his bank’s involvement in stablecoins and depository coins. Last month, reports surfaced that JPMorgan was planning to launch a blockchain-based asset called “JPMD” on the Base network. Additionally, American financial infrastructure provider DTCC is reportedly developing its own stablecoin. This institutional interest in stablecoins coincides with regulatory efforts in the US, with strong support from President Donald Trump, to regulate and promote dollar-backed stablecoins. The “GENIUS Act,” passed by the Senate last month, aims to establish the legal basis for USD stablecoins. The legislation is currently being debated in the House of Representatives. Although it was rejected from advancing in a vote on Tuesday, Trump stated that he met with key members of Congress earlier today and that the bill would be approved in a new vote tonight. Stablecoins Could Exceed $750 Billion by 2026 Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered, said this week that 90% of his recent conversations with policymakers and clients in Washington, New York and Boston have focused on stablecoins. According to Kendrick, once the market capitalization of stablecoins reaches $750 billion, they will begin to have tangible impacts on traditional financial assets and policy structures. Currently, the total market capitalization of stablecoins stands at $257 billion, and he expects this figure to surpass $750 billion by the end of 2026. *This is not investment advice. Continue Reading: The Third-Largest US Bank is Preparing to Launch Its Own Stablecoin! Here Are the Details

Source: BitcoinSistemi