State Street and Citi are considering launching cryptocurrency custodial services in 2026 amid growing client interest in digital assets.
Two of the largest TradFi custodians, State Street and Citi, plan to introduce services for storing and managing digital assets in 2026, according to Ledger Insights, citing The Information.
State Street is the second-largest custodian in the world, with $46.6 trillion in AUC. Citi ranks fourth, overseeing $25 trillion in assets. Both companies are among the biggest financial conglomerates globally.
The report highlights that while both companies previously explored the crypto market, their initiatives were blocked by the SAB 121 accounting rule, which was repealed in late January 2025.
Their renewed interest in digital assets stems from increasing client demand. A July 2024 survey conducted by State Street among 300 institutional investors from various regions revealed strong interest in digital asset-related services.
A month later, State Street announced a partnership with Taurus, integrating asset custody, tokenization, and node management solutions into its Digital Asset Solutions platform, designed for institutional clients.
Citi is also actively exploring digital assets. In 2024, the bank launched Citi Token Services, a blockchain platform enabling institutional clients to tokenize deposits for cross-border payments, liquidity transfers, and automated trade finance.
