Citibank is exploring the issuance of stablecoins for cross-border payments.

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[Citigroup is exploring the issuance of stablecoins for cross-border payments] Citigroup CEO Jane Fraser stated during this week's earnings call that Citigroup is exploring the issuance of stablecoins for cross-border payments, joining a growing number of large banks considering launching stablecoin projects. "We are studying the possibility of issuing Citigroup stablecoins," Fraser said on Tuesday, "We are exploring... the reserve management mechanisms for stablecoins, as well as the bidirectional conversion channels from cash to Tokens and from Tokens to cash." In fact, Citigroup had previously shown interest in the stablecoin market. According to a May report from The Wall Street Journal, Citigroup had discussions with financial institutions such as JPMorgan Chase, Bank of America, and Wells Fargo about the possibility of jointly issuing a stablecoin pegged to the US dollar.

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