Crypto Biz: Corporate stablecoin race heats up with Citi, Western Union at the helm

Citi and Western Union lead Wall Street’s stablecoin charge as Bitcoin miners and lenders shake up the post-halving crypto landscape.

The race to develop stablecoin infrastructure is heating up across Wall Street and corporate America. Citigroup is moving ahead 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 banks. Western Union announced plans to build a stablecoin payment network on Solana, underscoring how traditional payment providers are embracing blockchain for faster and cheaper cross-border transactions.

Meanwhile, the Bitcoin (BTC) mining landscape is becoming increasingly competitive, with smaller operators rapidly closing the gap on 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.

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