Citigroup CEO Jane Fraser said the bank is considering issuing its own stablecoin as part of its efforts to expand its digital payment solutions and strengthen its presence in the digital asset space.
Following the announcement of its second-quarter results, Fraser added, "We are considering issuing a Citi-branded stablecoin, but more importantly for us is expanding into digital deposits, an area we are currently active in and see as an important opportunity for the bank's future."
Fraser also revealed that the third-largest US bank is exploring stablecoin reserve management solutions, in addition to digital asset custody services, according to Reuters.
Citigroup shares hit their highest level since the 2008 financial crisis after reporting results that beat Wall Street expectations and announcing a plan to buy back at least $4 billion in shares
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