Citigroup is on track to become one of Wall Street's first major banks to provide stablecoin payment services.
The bank has partnered with Coinbase to create solutions for speedier, programmable, and cross-border payments with stablecoins. This program aims to assist clients in seamlessly moving funds between traditional money and digital assets, with plans to support round-the-clock transactions.
Citigroup's relationship is part of a larger drive to integrate digital assets into its services, such as cryptocurrency custody and tokenized deposits. It comes after the passing of the US GENIUS Act, which strengthened regulatory support for stablecoins and cryptocurrency.
Citigroup expects the stablecoin market to grow to $4T by 2030, up from $315B currently.
While some details are unknown, this decision represents a significant step towards institutional use of digital currencies. Major banks are racing to integrate stablecoins into their infrastructure to increase efficiency and expand their digital offerings for corporate clients.
