JPMorgan and Citi Square Off on the Next Payments Frontier

JPMorgan Chase & Co. and Citigroup Inc. have long competed for dominance in global payments, processing trillions of dollars worth of flows from corporates moving money across borders. That rivalry is now extending to new payment rails.

As digital money moves closer to the financial mainstream, the two banks are building competing systems, but taking slightly different paths. Citigroup has signaled openness to stablecoins, partnering with crypto exchange Coinbase Global Inc. to build payment capabilities, while simultaneously running its tokenized deposit service. JPMorgan has centered its strategy on in-house infrastructure and has been more cautious on stablecoins, pointing to limited wholesale client demand so far.