Overview

• Citi says it has spent two to three years building the service and is weighing in-house technology against select third-party solutions.
• The planned model has Citi holding clients’ cryptocurrencies directly, with cyber and operational risks highlighted as key considerations.
• Stablecoin exploration remains early, with potential use in markets with weaker payments infrastructure and a recent investment in BVNK signaling interest.
• JPMorgan allows clients to buy crypto but will not provide custody, while it develops a deposit token on Ethereum and evaluates stablecoin options; Bank of America is assessing stablecoins as well.
• Citi already runs Citi Token Services for 24/7 cross-border transfers, reflecting momentum in tokenized payments under a more favorable U.S. regulatory environment, including the GENIUS Act.