Citigroup Looks to Issue Its Own Stablecoin to Smooth Payments

Citigroup Inc. is considering issuing its own stablecoin, positioning the company as a possible early mover in the push by traditional banks to expand into cryptocurrencies.

“We are looking at the issuance of a Citi stablecoin,” Chief Executive Officer Jane Fraser said on an earnings conference call with analysts Tuesday, adding that the bank is also focused on tokenized deposits and custody for cryptoassets.

As landmark crypto regulation progresses in Congress and US regulators roll back Biden-era restrictions around banking the crypto industry, financial institutions such as Citigroup are increasingly expressing interest in minting their own tokens pegged to the ...