The race to develop stablecoin infrastructure is heating up on Wall Street and across corporate America. Citigroup is moving forward with plans to expand its stablecoin payment capabilities amid mounting speculation that major financial institutions are considering moving into stablecoins following the passage of the U.S. GENIUS Act, a comprehensive law set to take effect in early 2027.
The momentum extends beyond banks. Western Union announced plans to build a stablecoin payments network on Solana, highlighting how traditional payment providers are embracing blockchain for faster and cheaper cross-border transactions.
Meanwhile, the Bitcoin (BTC) mining environment is becoming increasingly competitive, with small operators rapidly closing the gap with industry leaders. And in digital lending, Reddon reports more than $1 billion in loan originations backed by Bitcoin this year. This is evidence that investors are increasingly choosing to borrow rather than sell their Bitcoin holdings.
Citi partners with Coinbase for stablecoin payments
Citigroup has partnered with crypto exchange Coinbase to expand its digital asset capabilities, eyeing stablecoin payments as its next major growth driver. The initiative will initially focus on making it easier for customers to move between cryptocurrencies and fiat currencies.
Devopama Sen, head of payments at Citi, said the move reflects growing customer demand for faster and programmable payment options. The bank is “exploring solutions to enable on-chain stablecoin payments for its customers,” Sen said.
The announcement comes about a month after Citi predicted that the stablecoin market could surge to $4 trillion by 2030, up from around $315 billion today.
Following the passage of the US GENIUS Act, several major Wall Street banks, including JPMorgan and Bank of America, are reportedly considering their own stablecoin initiatives.
Western Union selects Solana for stablecoin payment network
Global money transfer giant Western Union is developing a new digital asset payment system built on the Solana blockchain, a move that highlights the company’s focus on transaction speed and scalability when embracing digital assets.
In its third-quarter earnings call, Western Union announced plans to launch an ecosystem that includes the U.S. Dollar Payment Token (USDPT) and digital asset network developed in partnership with Anchorage Digital Bank, a federally chartered cryptocurrency bank that provides custody and infrastructure services.
USDPT is expected to debut in the first half of 2026, partnering with multiple crypto exchanges to enhance accessibility and liquidity.
Western Union CEO Devin McGranahan said at the Money20/20USA conference: “We have considered the alternatives and have concluded that Solana is the right choice.”
Mid-sized Bitcoin miner expands its power by reorganizing after halving
The Bitcoin mining industry is becoming increasingly competitive in the post-halving era, as a new wave of mid-sized companies rapidly gain market share and challenge established leaders.
According to data from The Miner Mag, small publicly traded miners such as Cipher Mining, Bitdeer, and HIVE Digital have significantly increased their realized hashrate after years of significant infrastructure investment. These companies are now closing the gap with top players such as MARA Holdings, CleanSpark, and Cango.
“Their rise highlights how middle-class public miners, once far behind, are rapidly expanding production since the 2024 halving,” Miner Mag wrote in a recent newsletter.
Some of these companies, most notably HIVE Digital, are diversifying beyond Bitcoin mining into artificial intelligence and high-performance computing workloads, signaling a broader strategic shift within the industry.
Ledn’s Bitcoin-backed loan originations will exceed $1 billion in 2025
Digital asset lender Ledn reported a record quarter for its Bitcoin-backed credit products, highlighting the growing trend of long-term holders preferring to borrow rather than sell their assets.
The company originated $392 million in BTC-backed loans in the third quarter, bringing year-to-date originations to over $1 billion. Since its inception, Ledn has issued loans totaling more than $2.8 billion.
Ledn is considered one of the three largest centralized finance (CeFi) lenders, along with Tether and Galaxy Digital. Together, these companies account for approximately 89% of the CeFi lending market.
As the price of cryptocurrencies continues to rise, borrowing against Bitcoin has become increasingly popular, allowing investors to free up liquidity without giving up long-term upside risk for their assets.
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