The race to develop stablecoin infrastructure is intensifying across Wall Street and corporate America. Citigroup is advancing plans to enhance its stablecoin payment capabilities amid growing speculation that major financial institutions are exploring stablecoin initiatives following the US GENIUS Act, comprehensive legislation expected to take effect in early 2027. Beyond banks, Western Union is building a stablecoin payment network on Solana, reflecting traditional payment providers’ adoption of blockchain for faster and cheaper cross-border transactions.
In the Bitcoin mining sector, mid-tier operators are rapidly closing the gap on industry leaders, signaling a shift in the competitive landscape post-halving. Meanwhile, digital lending firm Ledn reported over $1 billion in Bitcoin-backed loan originations this year, highlighting investors’ growing preference to borrow against their BTC holdings rather than sell.
Citigroup has partnered with crypto exchange Coinbase to expand its digital asset services, aiming to facilitate smoother fiat-to-crypto transitions and enable on-chain stablecoin payments in response to increasing client demand for faster, programmable payment options. Citi projects the stablecoin market could soar to $4 trillion by 2030 from approximately $315 billion today.
Western Union is developing a new settlement system on the Solana blockchain, including a US Dollar Payment Token (USDPT) and a Digital Asset Network in partnership with Anchorage Digital Bank. USDPT is expected to launch in early 2026 with support from multiple crypto exchanges to boost accessibility and liquidity.
The Bitcoin mining industry is also evolving, with smaller publicly listed miners like Cipher Mining, Bitdeer, and HIVE Digital significantly increasing their hashrates and challenging established giants. Some are diversifying into artificial intelligence and high-performance computing to broaden their business models.
Ledn’s recent record in Bitcoin-backed lending demonstrates a growing trend where holders unlock liquidity by borrowing against their assets, enabling them to maintain exposure to Bitcoin’s long-term value. Ledn is among the top centralized finance lenders dominating this market segment alongside Tether and Galaxy Digital.
These developments underscore a transformative period in crypto finance, driven by innovation in stablecoins, mining, and lending sectors that are reshaping how institutions and investors engage with digital assets.