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The race to develop stablecoin infrastructure is heating up on Wall Street and corporate America. Citigroup is moving forward with plans to expand its stablecoin payment capabilities, amid growing speculation that major financial institutions are exploring stablecoin initiatives following the passage of the US GENIUS Act – comprehensive legislation expected to take effect in early 2027.
The momentum extends beyond the banks. Western Union has announced plans to build a stablecoin payment network on Solana, highlighting how traditional payment providers are embracing blockchain for faster and cheaper cross-border transactions.
Meanwhile, the Bitcoin (BTC) the mining landscape has become increasingly competitive, with smaller operators quickly closing the gap on the industry leaders. And in digital lending, Ledn reported more than $1 billion in Bitcoin-backed loan originations this year – evidence that investors are increasingly opting to borrow against their BTC holdings rather than sell them.
Citi partners with Coinbase in stablecoin payments
Citigroup sees stablecoin payments as its next major growth driver, partnering with crypto exchange Coinbase to expand its digital asset capabilities. The initiative initially focuses on making it easier for customers to switch between crypto and fiat currencies.
Debopama Sen, Citi’s head of payments, said the move reflects growing customer demand for faster and more programmable payment options. The bank is “exploring solutions to enable onchain stablecoin payments for our customers,” Sen said.
The announcement comes about a month after Citi announced that the stablecoin market could increase to $4 trillion by 2030from about $315 billion today.
After the passage of the US GENIUS Actseveral major Wall Street banks, including JPMorgan and Bank of America, are set to unveil their own stablecoin initiatives.
Western Union chooses Solana for stablecoin network
The global remittance giant Western Union is develop a new digital asset settlement system built on the Solana blockchain, a move that highlights the company’s focus on transaction speed and scalability as it embraces digital assets.
During its third quarter call, Western Union announced plans to launch an ecosystem that includes a US Dollar Payment Token (USDPT) and a Digital Asset Network, developed in partnership with Anchorage Digital Banka federal paper crypto bank that provides custody services and infrastructure.
USDPT is expected to debut in the first half of 2026, with partnerships in several crypto exchanges to enhance accessibility and liquidity.
“We looked at alternatives, and came to the conclusion that Solana was the right choice,” Western Union CEO Devin McGranahan said at the Money 20/20 USA conference.
Mid-level Bitcoin miners gain ground in post-halving stakes
The Bitcoin mining industry is booming increasingly competitive in the post-halving era, as a new wave of mid-tier companies is rapidly gaining market share and challenging the established leaders.
According to data from The Miner Mag, smaller published miners, including Cipher Mining, Bitdeer and HIVE Digital, have significantly increased their realized hashrate after years of heavy infrastructure investments. These companies are now narrowing the gap with the best players such as MARA Holdings, CleanSpark and Cango.
“Their ascension highlights how the average level of public miners – once far behind – has rapidly scaled production by mid-2024,” wrote The Miner Mag in a recent newsletter.
Some of these companies, especially HIVE Digitalare also diversifying beyond Bitcoin mining into artificial intelligence and high-performance computing workloads – signaling a broader strategic shift in the industry.
Ledn’s Bitcoin-backed loan originations will exceed $1 billion in 2025
Digital Asset Lender Ledn reported a fourth record for its Bitcoin-backed credit products, which highlights a growing trend among long-term holders who prefer to borrow against their assets rather than sell them.
The company originated $392 million in BTC-backed loans during the third quarter, pushing its year-to-date originations above $1 billion. Since inception, Ledn has issued more than $2.8 billion in total loans.
Ledn is considered as one of the the three largest centralized financiers (CeFi).alongside Tether and Galaxy Digital. Together, these companies represent approximately 89% of the CeFi loan market.
Lending against Bitcoin has become increasingly popular as the price of the cryptocurrency continues to rise, allowing investors to unlock liquidity without giving up exposure to the long-term side of the asset.
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