Bitcoin News Today: Wall Street Banks Embrace Stablecoins Amid Growing Crypto Interest

Wall Street giants are increasingly turning their attention to stablecoins, recognizing their potential to handle trillions of dollars in client transactions. This shift comes as the crypto markets closely monitor developments on Capitol Hill regarding the GENIUS bill. Stablecoins, once primarily used by crypto traders to fund exchange accounts, have evolved into a compelling use case within the industry. Major financial institutions like JPMorgan, Citigroup, and Bank of America are now actively exploring the stablecoin market.

During earnings calls, CEOs from these banks have expressed their intentions to engage with stablecoins. JPMorgan's CEO, Jamie Dimon, highlighted the need to stay competitive in the digital asset space. Citigroup's CEO, Jane Fraser, announced plans to issue a Citi stablecoin, marking a significant step into the digital asset realm. Bank of America's CEO, Brian Moynihan, confirmed that the bank is seriously considering stablecoins as a means to modernize its payment infrastructure, noting their potential to support the movement of trillions of dollars in client assets daily.

Meanwhile, crypto exchange OKX has joined Paxos’ Global Dollar Network consortium, potentially exposing its 60 million global users to the USDG stablecoin. USDG, which takes a regulation-first approach, has registered with the Monetary Authority of Singapore and the EU’s Markets in Crypto-Assets (MiCA) framework. Its reserves are held in Singapore’s DBS Bank, and its circulating supply has grown rapidly over the past year, reaching $350 million.

While the S&P 500 Index has hit a new all-time high, its performance looks different when measured in Bitcoin. Despite year-to-date gains of over 6%, the S&P 500 is down 15% against Bitcoin. Since 2012, the S&P 500 has lost 99.98% of its value when priced in Bitcoin, highlighting Bitcoin’s long-term dominance. Bitcoin has surged past $123,000 this week amid booming ETF demand and growing speculation about a major policy tailwind from Washington.

In other developments, the State of California has launched the Breakthrough Project, an initiative aimed at streamlining government operations and enhancing public services. Top executives from the crypto and tech sectors, including Ripple, Coinbase, and MoonPay, have joined the effort. The project, unveiled by California Governor Gavin Newsom, aims to foster closer collaboration between lawmakers and industry leaders to drive innovation across public services and digital infrastructure.