The Wall Street elephant jumps into the crypto pool, and Citigroup is getting into stablecoins!
Citigroup recently announced plans to launch stablecoin and crypto ETF custody and payment services. This is like an old Wall Street bank in a suit, carrying a briefcase, suddenly putting on sunglasses and running into the crypto world to party.
Why is Citigroup doing this? It's simple—money smells too good. The trading volume of stablecoins is nearing the scale of traditional payment networks, and global cross-border settlements are increasingly relying on crypto assets. If Citigroup continues to act like a 'serious bank,' it will only be watching a bunch of startups and crypto platforms count their money. Now they are making a bold move—directly entering the stablecoin payment field while also handling crypto ETF custody, which is a classic play of 'I want both fish and bear's paw.'
Behind the custody business is the financial version of 'vault thinking': you can play with coins and trade ETFs, but the money must be kept in Citigroup's vault. This way, they not only earn service fees but can also quietly use your funds for financial operations. Don't forget, the core skill of banks is turning custody into a profit machine.
Stablecoin payments are even more brilliant. Citigroup's clients are spread across the globe, and once stablecoins directly enter their cross-border settlement system, it means bypassing parts of the traditional clearing network, saving money, saving time, and also earning more from foreign exchange conversion spreads. As for compliance? Don't worry, Citigroup will wear a coat saying 'I'm more compliant than you' to make regulators feel: hey, this is much more reliable than those crypto startups.
The only problem is that crypto players might not want Wall Street to take over completely. After all, the dream of decentralization didn't say 'in the end, Citigroup will help you safeguard your wallet's private keys.' But from a user experience perspective, Citigroup's entry might indeed make crypto payments smoother.
So, the essence of this move is that Citigroup doesn't want to miss the great voyage of crypto and has decided to open a cruise ship with a bar, where the ticket price is only accepted in stablecoins. $BTC
