Citizens Bank Joins Open USD Stablecoin Consortium as Part of Digital Asset Strategy
Citizens Financial Group (CFG) has joined a growing number of U.S. banks participating in the Open Standard's Open USD stablecoin consortium, signaling its broader strategy to engage with digital assets and stay competitive in evolving financial technologies. The move reflects an industry-wide trend where banks are diversifying their involvement across multiple digital asset initiatives rather than committing exclusively to one platform or technology. Paul Busby, head of commercial bank strategy at Citizens, emphasized the importance of securing a position through strategic partnerships as the sector continues to evolve unpredictably. Citizens is also involved in other stablecoin efforts such as FIS' initiative and The Clearing House's tokenized deposit network while exploring opportunities with Mastercard. These activities are part of an overarching strategy that began nearly a year ago, involving multiple departments across compliance, legal, technology, capital markets, treasury, and payments.
Tickers: $CFG
Topics: banks Citizens Bank GENIUS Act Open USD stablecoins