Citigroup Prepares to Launch Stablecoin Payments After GENIUS Act Approval

Citigroup is reportedly preparing to become one of Wall Street’s first major banks to offer stablecoin payment services, signaling a major step toward mainstream adoption of blockchain-based financial ￰0￱ to Bloomberg, Citi has partnered with Coinbase to expand its digital asset operations, starting with solutions to streamline fund transfers between fiat currencies and ￰1￱ Sen, Citi’s head of payments, said that corporate clients increasingly seek faster, programmable, and more efficient payment options available around the clock. “We’re exploring solutions to enable onchain stablecoin payments for our clients,” Sen said. “Stablecoins will be another enabler in the digital payment ecosystem and it’ll help grow the space, it’ll help grow functionality for our clients.” Stablecoins Becoming Central to Wall Street Strategy The move comes just months after the passage of the ￰2￱ Act, which established a legal framework for stablecoin issuance and operations, effective in ￰3￱ is joining other major financial institutions — including JPMorgan and Bank of America — that are developing or testing their own stablecoin-related ￰4￱ JPMorgan CEO Jamie Dimon, long critical of cryptocurrencies, recently confirmed that the bank “plans to be involved” in the stablecoin sector.

Citi’s Market Forecast Reflects Rapid Growth In September, Citigroup sharply raised its projection for the stablecoin industry, forecasting a market size of up to $4 trillion by 2030 — a dramatic increase from the current valuation of around $315 ￰5￱ stablecoin market’s growth has been explosive, expanding from less than $5 billion in 2020 to more than $315 billion today, according to DefiLlama ￰6￱ Enthusiasm Grows After Circle’s IPO Investor interest in the sector has surged following Circle’s public listing earlier this ￰7￱ USDC issuer’s shares jumped 167% on their debut, pushing its market capitalization to approximately $35 ￰8￱ regulatory clarity and growing institutional participation, Citigroup’s upcoming stablecoin payment platform could mark the beginning of a new era for global finance — one where traditional banking and blockchain technology converge.