Citi Explores Issuing Stablecoin for Cross-Border Payments

According to a report by Jinse Finance, Citigroup CEO Jane Fraser stated during this week’s earnings call that Citi is exploring the issuance of a stablecoin for cross-border payments, joining the growing ranks of major banks considering launching stablecoin projects. “We are looking into the possibility of issuing a Citi stablecoin,” Fraser said on Tuesday. “We are exploring... the reserve management mechanisms for stablecoins, as well as two-way conversion channels between cash and tokens, and vice versa.” In fact, Citi has previously shown interest in the stablecoin market. According to a Wall Street Journal report in May, Citi had held discussions with financial institutions such as JPMorgan Chase, Bank of America, and Wells Fargo to explore the possibility of jointly issuing a US dollar-pegged stablecoin.