Wall Street Banks Dey Launch Stablecoins Amid GENIUS Act
Citigroup, JPMorgan, Bank of America and DTCC dey fast-track stablecoin plans as US lawmakers dey push the GENIUS Act. Citigroup dey explore dollar-backed “Citi stablecoin” to power tokenized deposits and expand for reserve management plus crypto custody. JPMorgan plan to drop JPMD on their Base network, while DTCC dey look into stablecoin make e support settlement for traditional asset trades. Bank of America dey ready to issue im own token once GENIUS Act pass. President Trump don back the law wey want settle USD stablecoins legal status. The stablecoin market wey currently worth $261 billion (USDT $160B, USDC $62B) fit grow reach $750 billion by 2026, showing say institutional adoption dey rise and fit boost liquidity plus on-chain activity.
Bullish
Di big banks wey begin issue stablecoin plus clear regulation wey fit come under GENIUS Act fit boost market confidence and make liquidity better. For short term, announcement from Citigroup, JPMorgan and others fit make on-chain transactions and trading volume increase as institutional players dey test new bank-backed tokens. For long term, legal framework plus bank-led stablecoins fit make USD-backed crypto assets solid as reliable settlement tools, attract more institutional adoption and fit support stablecoin valuations plus overall market growth.