Citigroup Inc., the third-largest U.S. bank with $1.7 trillion in total consolidated assets, is weighing plans to launch its own stablecoin, adding itself to a growing list of other major banks expanding into crypto.
“We are looking at the issuance of a Citi stablecoin,” Citigroup CEO Jane Fraser said on an earnings call on Tuesday, July 15, Bloomberg reported. “We really welcome the administration’s willingness to allow banks to participate in the digital asset space more easily.”
The announcement came as Citi shares hit their highest level since 2008 after posting better-than-expected Q2 earnings and revealing plans to buy back at least $4 billion of stock in the third quarter.
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