Citi Plans Stablecoin Launch for Cross-Border Payments

Citigroup is advancing into the digital asset space with plans to launch a proprietary stablecoin, CEO Jane Fraser announced during an earnings call. The initiative, dubbed 'The MOVE,' aims to modernize the bank's $5 trillion daily cross-border payments infrastructure using blockchain technology.

Citi's foray into stablecoins reflects a broader trend of traditional financial institutions competing in the $250 billion stablecoin market. The bank is developing reserve management systems and conversion services to support seamless fiat-to-crypto transactions for clients.

The MOVE builds on Citi's existing blockchain infrastructure, including its Citi Token Services platform for tokenized deposits. Fraser emphasized client demand for always-on, multi-asset payment solutions as regulators create clearer pathways for bank participation in digital assets.