It is said that Citibank will provide cryptocurrency custody services in detail! Next step to issue stablecoins?

According to The Information, Citigroup, the third largest asset-scale bank in the United States, is actively exploring the integration of cryptocurrency custody services into its business territory.

It is reported that Citi's move originated from a pilot project launched in February 2024 that successfully demonstrated the feasibility of issuing and custodializing tokenized private equity funds on the blockchain network.

Many banks have obtained digital asset custody licenses

At present, many banks have obtained digital asset custody service qualifications in different countries/regions, such as:

• BNY Mellon has been approved to provide digital asset custody services other than Bitcoin and Ethereum ETFs;
• Standard Chartered has built digital asset custody infrastructure in Dubai;
• HSBC (HSBC) has announced plans to provide institutional-level custodial services;
• The joint venture between Crédit Agricole and Banco Santander of Spain was approved for crypto custody.

The issuance of stablecoins is just around the corner?

According to Bloomberg on February 13, Federal Reserve Director Christopher Waller pointed out that although stablecoins have a risk of runs, the existing regulatory framework in the United States can effectively respond. Waller suggested that the framework should allow banks and non-bank institutions to issue regulated stablecoins and consider the impact of regulation on the payments sector.

In view of the fact that many banks, including Citi, have actively deployed or obtained qualifications for cryptocurrency custody services, combined with Waller's view, the industry has speculated that the time for these banking giants to issue stablecoins may be coming.

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