Citi is aiming to provide custody services to stablecoin issuers. This would involve safeguarding the Treasuries used in the stablecoin reserves, Reuters reported. Technically, that’s just a standard custody service, and the bank is the world’s fourth largest custodian. But Citi is also exploring crypto custody for the assets that underpin ETFs.
“Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at,” said Biswarup Chatterjee, global head of partnerships and innovation for Citi Services. The bank is also considering issuing a stablecoin.
Citi CEO Jane Fraser mentioned all three of these services in addition to its tokenized deposit offering during an earnings call a month ago. Outside the US, Citi has been providing custody for tokenization firm BondBlox for at least two years, so providing stablecoin custody shouldn’t be much different.
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