Jane Fraser, CEO of Citigroup, stated that this multinational financial giant is actively expanding its business related to digital assets and has begun assessing the feasibility of "issuing its own stablecoin."
Jane Fraser pointed out in the Q&A session of the second quarter earnings call that "we are considering issuing a Citi stablecoin," but also added that Citi's current focus remains on prioritizing "tokenized deposits."
Jane Fraser mentioned that these innovative tools not only help improve internal operational efficiency but also open up new revenue sources for Citi and attract more customers.
The Citi research team previously predicted that 2025 will be a "key turning point year" for blockchain applications and estimated that by 2030, the market size of US dollar stablecoins could reach $3.7 trillion.
Even Jamie Dimon, CEO of JPMorgan, known for his skepticism towards cryptocurrencies, recently publicly stated that the company will be more actively involved in stablecoin-related businesses in the future, indicating a subtle shift in the mainstream financial sector's attitude towards this technology.
Jane Fraser pointed out in the earnings call that digital assets for Citi Group are akin to the disruptive wave brought by financial technology (FinTech) in the past, which will become the key core of the "financial digitization" transformation. She emphasized that Citi's focus is on meeting customer demands for seamless, cross-border, multi-bank, 24/7 solutions and integrating functions such as accounting processing and compliance.
She further revealed that Citi has identified four major strategic pillars in the field of digital assets, including: stablecoin reserve management, the inflow and outflow channels between fiat currencies and digital assets, cryptocurrency custody services, and tokenized deposits, with tokenized deposits being the most core and active battleground at this stage.
"Citi Group CEO confirms: considering issuing 'Citi stablecoin'" this article was first published on (Block Voice).
