Crypto Biz: Wall Street giants bet on stablecoins
2025-07-18 20:16:59
Main Idea
Major Wall Street banks like JPMorgan, Citigroup, and Bank of America are showing growing interest in stablecoins, while OKX joins Paxos' stablecoin network and Bitcoin outperforms the S&P 500.
Key Points
1. JPMorgan, Citigroup, and Bank of America are exploring opportunities in the stablecoin market, with JPMorgan's CEO Jamie Dimon stating the bank plans to be involved in stablecoins.
2. OKX has joined Paxos' Global Dollar Network, enabling its users to trade and transfer the USDG stablecoin, which is compliant with the EU's MiCA framework.
3. The S&P 500 has reached a record high but has lost 15% of its value when measured against Bitcoin, which continues to outperform traditional assets.
4. Bitcoin's long-term dominance is highlighted by the S&P 500 losing 99.98% of its value when priced in Bitcoin since 2012.
5. The State of California has launched the Breakthrough Project, involving crypto and tech leaders like Ripple and Coinbase, to advance blockchain infrastructure.
Description
JPMorgan, Citigroup and Bank of America are all in the early stages of stablecoin development.
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