Citigroup may become one of the first major banks on Wall Street to offer stablecoin payment services, marking a potential milestone for the broader adoption of tokenized dollars following the passage of the GENIUS Act earlier this year.
According to Bloomberg, Citibank has partnered with cryptocurrency exchange Coinbase to expand its digital asset capabilities, initially focusing on making it easier for customers to transfer funds between fiat and cryptocurrencies.
Debopama Sen, head of payments at Citibank, stated that the bank's clients are increasingly seeking programmability, conditional payments, and greater speed and efficiency, while also demanding 24/7 access to payment services.
Sen added that Citibank is "exploring solutions to provide our clients with on-chain stablecoin payments in the near future."
"Stablecoins will become another driving force in the digital payment ecosystem, helping to expand this space and add functionality for our clients," Sen said.
Citibank's emphasis on stablecoins is not surprising. The latest development comes just a month after the bank significantly raised its market forecast for digital dollars. Citibank now estimates that the stablecoin market could reach $4 trillion by 2030, up from the current approximately $315 billion.
The passage of the U.S. GENIUS Act established a regulatory framework for stablecoins, set to take effect in early 2027, creating a sense of urgency among major banks to explore their own stablecoin initiatives.
Citigroup is one of a growing number of Wall Street institutions, including JPMorgan and Bank of America, that are in the early stages of developing stablecoin-related services. Even long-time cryptocurrency skeptic, JPMorgan CEO Jamie Dimon, recently told shareholders that the bank "plans to participate" in stablecoin development.
Investor enthusiasm is rising in tandem with institutional interest. Circle, the issuer of the world's second-largest dollar-pegged stablecoin USDC, went public earlier this year, with its stock price soaring 167% on its first day of trading, achieving a sensational debut.
Circle currently has a market capitalization of approximately $35 billion.
Related: ClearBank to be one of the first EU banks to join Circle's payment network
Original article: “Citibank Partners with Coinbase to Pilot Stablecoin Payments”
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