Citi and JPMorgan Advance Digital Asset Strategies as US Crypto Rules Take Shape

CN
3 hours ago

Financial giants Citi (NYSE: C) and JPMorgan (NYSE: JPM) are advancing their digital asset strategies as Wall Street intensifies its focus on blockchain and cryptocurrency services. Citi told CNBC on Oct. 13 that it plans to launch a crypto custody platform in 2026, while JPMorgan continues to explore opportunities tied to stablecoins and tokenized payments. The moves highlight how the largest U.S. banks are preparing to integrate digital currencies into their institutional offerings as regulation becomes clearer in the United States.

Biswarup Chatterjee, Citi’s global head of partnerships and innovation in the services division, said the bank’s digital custody platform has been under development for the past few years. He told the news outlet: “We have various kinds of explorations … and we’re hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients.” He emphasized:

So we’re not currently ruling out anything.

Chatterjee also noted that Citi remains in the “early stages of the stablecoin exploration.” The executive elaborated on the bank’s dual-track approach: “We may have certain solutions that are completely designed and built in-house that are targeted towards certain assets and certain segment of our clients, whereas we may use a … third party, lightweight, nimble solution for other kinds of assets.”

At JPMorgan, digital asset development is similarly accelerating. Scott Lucas, the bank’s global head of markets digital assets, told CNBC that JPMorgan is also “exploring” digital currency. He said:

There’s a real opportunity for us to think about how we can offer different services for our clients on the cash side, as well as responding to client demand to do things on stablecoins.

“And that strategy is still emerging, as you can understand, because it’s only really been a few months since we’ve had some more clear regulation around what the opportunity looks like,” the JPMorgan executive explained.

The efforts of financial giants like Citi and JPMorgan underscore Wall Street’s strategic shift toward regulated blockchain services, positioning both banks to play key roles in the institutional adoption of digital assets.

  • What is Citi’s plan for digital assets and cryptocurrency services?
    Citi plans to launch a crypto custody platform by 2026, designed to help institutional clients securely store and manage digital currencies as part of its broader blockchain strategy.
  • How is JPMorgan advancing its digital asset strategy?
    JPMorgan is expanding its focus on stablecoins and tokenized payments, exploring ways to integrate these technologies into traditional banking services in response to growing client demand.
  • Why are major banks like Citi and JPMorgan entering the blockchain and crypto space now?
    Both banks are accelerating their digital asset initiatives as U.S. regulations around cryptocurrencies become clearer, opening the door for compliant institutional adoption.
  • What does Wall Street’s growing interest in blockchain mean for institutional investors?
    The involvement of financial giants like Citi and JPMorgan signals a major shift toward regulated, mainstream blockchain services, providing institutions with more trusted access to digital assets.

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