Crypto Biz: Corporate stablecoin race heats up with Citi, Western Union at the helm
Major corporations like Citi and Western Union are accelerating stablecoin development amid regulatory clarity expectations.Summary
The corporate race to build stablecoin infrastructure is intensifying, with Citigroup partnering with Coinbase to expand onchain payment capabilities for clients, reflecting growing demand for programmable payments. This follows Citi's projection that the stablecoin market could reach $4 trillion by 2030. Concurrently, Western Union is developing a stablecoin payment network, including a US Dollar Payment Token (USDPT) set to debut in 2026, choosing the Solana blockchain for its speed and scalability. This corporate activity is occurring as the US GENIUS Act, comprehensive legislation expected in 2027, fuels speculation among major Wall Street banks exploring their own stablecoin initiatives. Separately, the Bitcoin mining sector is seeing mid-tier companies gain ground post-halving, while digital lender Ledn reported over $1 billion in Bitcoin-backed loan originations this year, indicating a trend of investors borrowing against BTC instead of selling.
(Source：Cointelegraph)