Citigroup considers issuing its own stablecoin, CEO says
FILE PHOTO: Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike Blake/ File Photo
NEW YORK :Citigroup may issue its own stablecoin in an effort to facilitate digital payments, the bank's CEO, Jane Fraser, told analysts on a post-earnings conference call on Tuesday.
"We are looking at the issuance of a Citi stablecoin, but probably most importantly is the tokenized deposit space, where we're very active," she said. "This is a good opportunity for us."
The third largest U.S. lender is also exploring reserve management for stablecoins and providing custody solutions for crypto assets, Fraser said.
Citigroup's shares briefly touched their highest level since the 2008 financial crisis after the bank reported second-quarter results that beat Wall Street estimates and said it plans to buy back at least $4 billion in stock.
