As crypto markets maintain a detailed eye on Capitol Hill for motion on the GENIUS invoice, legacy monetary establishments are already laying the groundwork for a future the place stablecoin fee rails deal with trillions of {dollars} in consumer transactions.
As soon as a distinct segment device used primarily by crypto merchants to fund alternate accounts, stablecoins have developed into one of many trade’s most compelling use instances. Main gamers like JPMorgan, Citigroup and Financial institution of America at the moment are competing for a share of this rising market.
This week’s Crypto Biz e-newsletter dives into Wall Road’s accelerating push into stablecoins, highlights an rising stablecoin community aiming to problem Tether and Circle, and places the S&P 500’s newest file excessive into perspective — by measuring its efficiency in opposition to Bitcoin (BTC).
JPMorgan, Citigroup, BoA contemplate stablecoins
Wall Road kicked off earnings season this week, and whereas income and revenue remained in focus, a number of main banks made headlines for one thing else: their rising curiosity in stablecoins.
Throughout JPMorgan’s earnings name, CEO Jamie Dimon informed shareholders that the financial institution plans “to be concerned in […] stablecoins,” citing the necessity to keep forward of the competitors.
Only a day earlier, Citigroup signaled related intentions. CEO Jane Fraser introduced that the financial institution is “trying on the issuance of a Citi stablecoin,” marking a transparent step into the digital asset area.
Maybe probably the most complete deep dive thus far has come from Financial institution of America. The financial institution has been exploring fiat-pegged tokens all through 2025, and through its second-quarter earnings name, CEO Brian Moynihan confirmed that stablecoins are underneath critical consideration as a option to modernize the financial institution’s fee infrastructure.
Moynihan famous that stablecoins might ultimately help the motion of trillions of {dollars} in consumer property every day.
OKX joins Paxos’ stablecoin community
Crypto alternate OKX has joined Paxos’ International Greenback Community consortium, probably exposing its 60 million international customers to the USDG (USDG) stablecoin.
OKX, which already helps main stablecoins like USDt (USDT) and USDC (USDC), has now enabled USDG for buying and selling and transfers, the corporate introduced.
Launched final yr, USDG takes a regulation-first strategy, having registered with the Financial Authority of Singapore and the EU’s Markets in Crypto-Belongings (MiCA) framework. The token’s reserves are held in Singapore’s DBS Financial institution.
Whereas USDG nonetheless trails far behind its bigger rivals by way of market share, its circulating provide has grown quickly over the previous yr, reaching $350 million.
S&P 500 returns to file highs, however there’s a catch
The S&P 500 Index has mounted a powerful V-shaped restoration since US President Donald Trump’s tariff-driven market turmoil in early April, hitting a brand new all-time excessive final week. However the image seems very completely different when measured in Bitcoin.
Regardless of notching year-to-date good points of over 6%, the S&P 500 is down a staggering 15% in opposition to Bitcoin, in accordance with market commentator The Kobeissi Letter.
Much more placing is Bitcoin’s long-term dominance. Since 2012, the S&P 500 has misplaced a staggering 99.98% of its worth when priced in Bitcoin.
Bitcoin continues to be the quickest horse within the race, surging previous $123,000 this week amid booming ETF demand and rising hypothesis a few main coverage tailwind from Washington.
California faucets crypto corporations for recommendation on authorities effectivity
The State of California has launched the Breakthrough Mission — a brand new initiative geared toward streamlining authorities operations and enhancing public providers — with assist from high executives within the crypto and tech sectors.
Leaders from Ripple, Coinbase, MoonPay and different corporations have joined the hassle, which held its inaugural assembly final month at Ripple’s San Francisco headquarters.
The challenge was unveiled by California Governor Gavin Newsom, who stated: “Because the birthplace of contemporary tech, our state is uniquely positioned to convey one of the best and the brightest collectively to advance our work.”
By means of the Breakthrough Mission, California goals to foster nearer collaboration between lawmakers and trade leaders to drive innovation throughout public providers and digital infrastructure.
Crypto Biz is your weekly pulse on the enterprise behind blockchain and crypto, delivered on to your inbox each Thursday.
