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

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, 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 () 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.

Citi partners with Coinbase on 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 clients to move between crypto and fiat currencies.

Debopama Sen, Citi’s head of payments, said the move reflects growing client demand for faster, more programmable payment options. The bank is “exploring solutions to enable onchain stablecoin payments for our clients,” Sen said.

The announcement comes roughly a month after Citi projected that the stablecoin market , up from about $315 billion today.

Following the passage of the , several major Wall Street banks, including JPMorgan and Bank of America, are reportedly exploring their own stablecoin initiatives.

Western Union selects Solana for stablecoin settlement network 

Global remittance giant Western Union is built on the Solana blockchain, a move highlighting the company’s focus on transaction speed and scalability as it embraces digital assets.

During its third-quarter earnings 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 , a federally chartered crypto bank that provides custody and infrastructure services.

USDPT is expected to debut in the first half of 2026, with partnerships across 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-tier Bitcoin miners gain ground in post-halving shakeup

The Bitcoin mining industry is growing in the post-halving era, as a new wave of mid-tier companies rapidly gains market share and challenges established leaders.

According to data from The Miner Mag, smaller publicly listed miners, including Cipher Mining, Bitdeer and HIVE Digital, have significantly boosted their realized hashrate after years of heavy infrastructure investment. These companies are now narrowing the gap with top players such as MARA Holdings, CleanSpark and Cango.

“Their ascent highlights how the middle tier of public miners — once trailing far behind — has rapidly scaled production since the 2024 halving,” The Miner Mag wrote in a recent newsletter.

Some of these companies, , are also diversifying beyond Bitcoin mining into artificial intelligence and high-performance computing workloads — signaling a broader strategic shift within the industry.

Ledn’s Bitcoin-backed loan originations surpass $1 billion in 2025

Digital asset lender Ledn for its Bitcoin-backed credit products, highlighting a growing trend among long-term holders who prefer borrowing against their assets rather than selling 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 regarded as one of the , alongside Tether and Galaxy Digital. Together, these firms account for roughly 89% of the CeFi lending market.

Borrowing against Bitcoin has become increasingly popular as the cryptocurrency’s price continues to climb, allowing investors to unlock liquidity without giving up exposure to the asset’s long-term upside.

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