The competition for stablecoin technology is rapidly escalating in Wall Street and the broader corporate sector. Citi is advancing its capabilities to facilitate stablecoin payments amid a rising tide of interest from large financial institutions, particularly with the expected implementation of the US GENIUS Act in early 2027.

In parallel, Western Union is set to launch a stablecoin payment network utilizing Solana, indicating a trend among conventional payment services towards leveraging blockchain for expedited and cost-effective global transactions.

Currently, the Bitcoin mining sector is witnessing a surge in competition, as smaller operators are gaining on established leaders, according to recent reports. Notably, Ledn has recorded significant activity in Bitcoin-based lending, with over $1 billion in loans this year, reflecting a shift where investors prefer borrowing against their Bitcoin assets rather than liquidating them.

Citi Collaborates with Coinbase on Stablecoin Payments

Citigroup is partnering with Coinbase to enhance its payment solutions centered around stablecoins. This collaboration is aimed at facilitating transitions between cryptocurrency and traditional currencies for their clients.

Debopama Sen from Citi mentioned that this decision is in response to increasing client demand for rapid and innovative payment solutions. “We are exploring solutions to enable onchain stablecoin payments for our clients,” Sen noted.

Citi has projected a substantial growth in the stablecoin market, forecasting it to escalate from the current $315 billion to $4 trillion by 2030 following the passage of the GENIUS Act.

Western Union Chooses Solana for Stablecoin Settlement System

Western Union is crafting a digital asset settlement platform on the Solana blockchain to enhance transaction efficiency. They plan to introduce a US Dollar Payment Token (USDPT) in partnership with Anchorage Digital Bank, with a focus on increasing liquidity and accessibility.

CEO Devin McGranahan stated, “After exploring various options, we decided that Solana was the appropriate choice,” highlighting the company’s strategic direction towards digital assets.

Mid-Tier Bitcoin Miners Make Strides in Post-Halving Environment

The Bitcoin mining sector is evolving with mid-tier companies capturing a larger share of the market. Smaller publicly listed miners such as Cipher Mining and HIVE Digital have made significant advancements in their hashrate, as documented by The Miner Mag.

Ledn Surpasses $1 Billion in Bitcoin-Backed Loans

The digital lender Ledn reported that it has issued more than $1 billion in Bitcoin-backed loans this year, revealing a trend where long-term Bitcoin holders prefer loans to liquidating their investments.

Crypto Biz is your weekly update on the business dynamics within the blockchain and crypto space, available every Thursday.