Citigroup Considers Stablecoin Services | Live Crypto Updates | Aug. 15, 2025

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From City Group to Pump Fun, from Norway to the U.S., we’re tracking today’s most important crypto and AI stories as they unfold. This article will be updated throughout the day.

Citigroup is Considering Stablecoin Services: Reuters

In an interview, a representative from the American multinational investment bank and financial services company said that Citigroup is also exploring custody services for digital assets that back crypto-related investment products.

• Currently, the company is offering tokenized U.S. dollar payments, which means that transferring dollars between accounts in New York, London, and Hong Kong are processed through blockchain technology.
• Aside from these plans, there are also reports that Citigroup is considering the use of stablecoins to speed up payment processes.

“Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at.”

Biswarup Chatterjee, Global Head of Partnerships and Innovation, Services Division, Citigroup

Sorry, Bitcoiners! US Gov’t Has No Plans to Buy BTC, Says Treasury Chief

The U.S. federal government will not be purchasing additional BTC, Treasury Secretary Scott Bessent said after endorsing the country’s strategic BTC reserve.

• According to Bessent, the reserve will use the confiscated BTC.
• This contradicts other statements from other officials, which speculated that the national government could purchase additional BTX via “budget-neutral” methods.
• But White House AI and crypto czar David Sacks clarified that only Bessent and Commerce Secretary Howard Lutnick have the final say on this matter.

As of writing, the U.S. government holds 198,022 BTC, worth around $23.61 billion, according to data from Arkham.

Norway’s Wealth Fund’s Indirect BTC Exposure Reached Almost $1 Billion

The Norway sovereign wealth fund’s indirect BTC exposure has grown 87.7% in the first six months of 2025 to 7,161 BTC, which is around $862.8 million, as of June 30, 2025, research-led digital assets brokerage with investment services K33 data showed.

• The wealth fund currently has investments in Strategy, Block, Coinbase, MARA, and Metaplanet.
• According to K33, the data is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio.

Elon Musk Company Now Holds $1B Worth of BTC, Data Shows

The BTC holdings of SpaceX, an aerospace company founded by billionaire Elon Musk, have exceeded $1 billion after the asset reached its new all-time high, according to Arkham data.

• As of August 15, 2025, the 8,285 BTC owned by the company is valued at $988 million.
• BTC is the only cryptocurrency that is being held by SpaceX.

Former Pump Fun Employee Admits Draining $2M Worth of SOL from Platform

Jarett Dunn, a former senior developer of memecoin launchpad Pump.fun, has signed a document affirming his guilt on charges related to the issue.

• He was able to post a bail two months ago before the verdict.

GENIUS Act Has Financial Risks, Should Have Revisions: US Banking Groups Urge

U.S. senators are being urged by the American Bankers Association, the largest traditional banking group in the country, alongside 52 bankers organizations to fix the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

• They argued that the new law can be easily bypassed by exchanges, brokers, and other affiliates, thereby “distorting market incentives” by turning stablecoins into potential stores-of-value and credit mechanisms rather than simply a means of payment.
• Thus, there should be revisions regarding interest payments, state regulation, and non-financial companies issuing stablecoins.
• The call is to foster responsible innovation while protecting consumers, preserving access to credit and promoting economic stability, according to the banking groups.

This article is published on BitPinas: Live Crypto Updates | Aug. 15, 2025

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