Stablecoin Infrastructure, Bitcoin Mining, and Digital Lending Updates

Stablecoin Infrastructure Race Heats Up

The race to develop stablecoin infrastructure is intensifying across Wall Street and corporate America. Citigroup is advancing its plans to expand stablecoin payment capabilities, fueled by speculation that major financial institutions are exploring stablecoin initiatives following the potential passage of the US GENIUS Act, anticipated to take effect in early 2027. This momentum extends beyond traditional banking. Western Union has announced plans to construct a stablecoin payment network on the Solana blockchain, highlighting the increasing adoption of blockchain technology by established payment providers for faster and more cost-effective cross-border transactions. Meanwhile, the Bitcoin mining landscape is becoming increasingly competitive, with smaller operators rapidly closing the gap on industry leaders. In digital lending, Ledn has reported over $1 billion in Bitcoin-backed loan originations this year, demonstrating the growing preference among investors to borrow against their BTC holdings rather than sell.

Citi Partners with Coinbase on Stablecoin Payments

Citigroup is focusing on stablecoin payments as a key driver of future growth, collaborating with crypto exchange Coinbase to enhance its digital asset capabilities. The initial focus is on streamlining the movement of funds between crypto and fiat currencies for clients. Debopama Sen, Citi’s head of payments, stated that this move reflects increasing client demand for faster and more programmable payment options. The bank is “exploring solutions to enable onchain stablecoin payments for our clients,” according to Sen. This announcement follows Citi's projection that the stablecoin market could surge to $4 trillion by 2030, up from approximately $315 billion today. Following the prospective passage of the US GENIUS Act, several major Wall Street banks, including JPMorgan and Bank of America, are reportedly exploring their own stablecoin ventures.

Western Union Chooses Solana for Stablecoin Settlement Network

Global remittance giant Western Union is developing a new digital asset settlement system based on the Solana blockchain. This move emphasizes 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 featuring a US Dollar Payment Token (USDPT) and a Digital Asset Network, developed in partnership with Anchorage Digital Bank, a federally chartered crypto bank offering custody and infrastructure services. USDPT is projected to launch in the first half of 2026, with partnerships across numerous crypto exchanges to improve accessibility and liquidity. “We looked at alternatives, and came to the conclusion that Solana was the right choice,” said Western Union CEO Devin McGranahan at the Money 20/20 USA conference.

Mid-Tier Bitcoin Miners Gain Ground After Halving

The Bitcoin mining industry is becoming increasingly competitive in the post-halving era, as a new wave of mid-tier companies rapidly gains market share and challenges established leaders. Data from The Miner Mag indicates that smaller, publicly listed miners, including Cipher Mining, Bitdeer, and HIVE Digital, have significantly increased their realized hashrate after years of substantial infrastructure investments. These companies are now narrowing the gap with leading 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 reported in a recent newsletter. Several of these companies, notably HIVE Digital, are also diversifying beyond Bitcoin mining into areas like artificial intelligence and high-performance computing workloads, signaling a broader strategic shift within the industry.

Ledn’s Bitcoin-Backed Loan Originations Exceed $1 Billion in 2025

Digital asset lender Ledn reported a record quarter 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, bringing its year-to-date originations above $1 billion. Since inception, Ledn has issued over $2.8 billion in total loans. Ledn is recognized as one of the three largest centralized finance (CeFi) lenders, alongside Tether and Galaxy Digital. Together, these firms account for approximately 89% of the CeFi lending market. Borrowing against Bitcoin has become increasingly popular as the cryptocurrency’s price continues to rise, allowing investors to unlock liquidity without relinquishing exposure to the asset’s long-term upside.