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

On August 15th, Reuters reported that Biswarup Chatterjee, global head of partnerships and innovation at Citigroup's services division, said in an interview that the group is exploring the provision of stablecoin custody and other services. Citigroup is also exploring the provision of custody services for digital assets that support cryptocurrency-related investment products.

For example, since the US SEC approved such products last year, many asset management companies have launched ETFs that track the spot price of Bitcoin. In addition, 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.