$36.1 Trillion later, Wall Street can’t ignore stablecoins anymore
2025-07-16 17:16:04
Main Idea
Wall Street giants like JPMorgan and Citigroup are embracing stablecoins amid regulatory debates, with stablecoins facilitating $36.1 trillion in annual transaction volume.
Key Points
1. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser confirmed their banks' entry into the stablecoin space, with JPMorgan planning a deposit token (JPMD) similar to a stablecoin.
2. Stablecoins have processed $36.1 trillion in transaction volume over the past 12 months, according to Visa’s on-chain analytics.
3. Despite growing involvement, Dimon remains cautious about stablecoins, questioning their utility compared to traditional payments.
4. The 'Crypto Week' initiative, including crypto-related bills bundled with the 2026 Defense spending package, failed to pass, with 13 Republicans voting against it.
5. President Donald Trump urged GOP lawmakers to support the GENIUS Act and push for progress ahead of the August recess.
Description
What’s driving a sudden interest in stablecoins, even amid regulatory gridlock?
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