Citi Ventures, the venture capital arm of Citigroup, has invested in BVNK, a stablecoin infrastructure startup, as major US banks expand their involvement in digital assets.

BVNK, based in San Francisco, provides payment technology that enables businesses to transact using stablecoins, a type of cryptocurrency linked to fiat currencies.

The investment amount and BVNK’s current valuation were not disclosed, though BVNK said its valuation is now above the US$750 million mark from its previous funding round.

The move comes as US regulation for digital assets becomes more defined, with the recent passage of the GENIUS Act aimed at regulating stablecoins.

Stablecoin transactions reached nearly US$9 trillion globally in the past year, with a total market value of over US$300 billion.

Other major banks, including JPMorgan and Bank of New York Mellon, are also developing digital asset and tokenization initiatives.

🔗 Source: CNBC