TechFlow news, October 9 — According to CNBC, Citibank has invested in stablecoin infrastructure firm BVNK through its venture capital arm Citi Ventures, though the amount was not disclosed. BVNK provides global stablecoin transaction and payment channels, enabling customers to quickly convert funds between fiat and cryptocurrencies.
With the U.S. providing a clearer regulatory framework for the stablecoin market through the GENIUS Act, the U.S. has become BVNK's fastest-growing market over the past 18 months. Stablecoins, benefiting from advantages such as fast cross-border transactions, low costs, and 24/7 settlement, have reached nearly $9 trillion in trading volume.
Citigroup CEO Jane Fraser stated in June this year that the company is considering issuing its own stablecoin and offering cryptocurrency custody services.
