Citigroup Considers Providing Custody and Payment Services for Stablecoin and Cryptocurrency ETFs

PANews reported on August 15th that Biswarup Chatterjee, global head of partnerships and innovation at Citigroup's services division, said in an interview that the bank is exploring stablecoin custody and other services. Citigroup is also exploring providing custody services for digital assets that underpin cryptocurrency-related investment products. For example, since the US SEC approved such products last year, many asset management firms have launched ETFs tracking the spot price of Bitcoin. Furthermore, Citigroup is developing services that allow clients to transfer stablecoins between accounts or convert them into US dollars for instant payments, and is discussing related use cases with clients.