Fifth Third Bancorp (FITB) is planning to expand its crypto business after building a small base of customers in deposit accounts and payments, Bloomberg News reported Friday, citing Chief Strategy Officer Ben Hoffman.

The bank is evaluating the use of stablecoins to improve the speed and lower the cost of cross-border payments, the report said.

The Trump administration has implemented policies to bolster the crypto industry.

"It became clear that this was the right time to engage and fortunately we've had a team of folks actively studying and tinkering in this space," Hoffman said, according to the report.

Fifth Third Bancorp didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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