TL;DR
- Citi and Western Union are leading stablecoin adoption on Wall Street.
- Mid-tier miners such as Cipher, Bitdeer, and HIVE Digital have increased their hashrate following the 2024 halving.
- Ledn surpasses $1 billion in Bitcoin-backed loans in 2025.
Citi and Western Union are at the forefront of stablecoin expansion on Wall Street as the crypto ecosystem undergoes a reorganization.
Citigroup is advancing a plan to facilitate stablecoin payments in partnership with Coinbase, enabling its clients to move funds between fiat and digital currencies with greater speed and flexibility.
Wall Street: Institutions Hungry for Crypto
The initiative responds to growing institutional demand for more programmable payment methods and aligns with expectations that the stablecoin market could grow from $315 billion to $4 trillion by 2030, following the implementation of the US GENIUS Act in 2027. Other Wall Street banks, including JPMorgan and Bank of America, are exploring similar initiatives, highlighting widespread interest in incorporating digital assets into corporate operations.
Meanwhile, Western Union is developing a settlement network built on Solana that will include a US Dollar Payment Token (USDPT) and a Digital Asset Network in partnership with Anchorage Digital Bank. The company aims to leverage Solana’s speed and scalability to optimize cross-border payments. The network is scheduled to launch in the first half of 2026 and will be integrated with multiple exchanges to improve liquidity and accessibility.
The Impact of the Halving on the Mining Industry
The 2024 halving also drove significant changes in Bitcoin mining. Mid-tier miners such as Cipher Mining, Bitdeer, and HIVE Digital have significantly increased their hashrate, narrowing the gap with industry leaders like MARA Holdings, CleanSpark, and Cango. HIVE Digital and other firms are also exploring artificial intelligence and high-performance computing opportunities.
Meanwhile, Ledn reports over $1 billion in Bitcoin-backed loans in 2025, with $392 million issued in the third quarter alone. Since its inception, the company has originated more than $2.8 billion in loans and is consolidating its position alongside Tether and Galaxy Digital as one of the top three CeFi lenders, accounting for roughly 89% of the market.
The growth of stablecoins, rising mining competition, and the expansion of the crypto economy indicate a major shift in the industry, showing that the crypto ecosystem is highly dynamic and continuously evolving, adapting to regulatory changes and the entry of major Wall Street players
