Jane Fraser, the chair and CEO of Citigroup, has thrown her weight behind passing crypto legislation in the US, specifically championing the GENIUS Act as a framework that could unlock meaningful participation by traditional banks in the digital asset space. Her comments came during the bank’s Q2 2025 earnings discussions, and they represent one of the clearest endorsements of crypto regulation from a major Wall Street chief executive to date.
Fraser acknowledged that she and others in the banking industry continue to push for changes to the bill’s specifics. But her broader message was unambiguous: get something on the books.
What Citi is actually building
Fraser confirmed that Citigroup is actively exploring the issuance of a Citi-branded stablecoin. That alone would make it one of the first major US banks to enter the stablecoin market directly, a space currently dominated by Tether’s USDT and Circle’s USDC.
But the bank’s near-term priority appears to be tokenized deposits rather than a standalone stablecoin. Citi began rolling out tokenized deposit capabilities in late 2024, and Fraser has framed them as the more practical starting point. The reasoning is straightforward: tokenized deposits operate within existing banking regulatory frameworks, which means less operational friction and fewer compliance headaches compared to launching an entirely new digital currency.
