Crypto Biz: Wall Street giants bet on stablecoins
JPMorgan, Citigroup and Bank of America are all in the early stages of stablecoin development. As crypto markets keep a close eye on Capitol Hill for movement on the GENIUS bill, legacy financial institutions are already laying the groundwork for a future where stablecoin payment rails handle trillions of dollars in client transactions. Once a niche tool used primarily by crypto traders to fund exchange accounts, stablecoins have evolved into one of the industry’s most compelling use cases. Major players like JPMorgan, Citigroup and Bank of America are now competing for a share of this growing market. This week’s Crypto Biz newsletter dives into Wall Street’s accelerating push into stablecoins, highlights an emerging stablecoin network aiming to challenge Tether and Circle, and puts the S&P 500’s latest record high into perspective — by measuring its performance against Bitcoin (BTC).
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