$36.1 Trillion later, Wall Street can’t ignore stablecoins anymore

Key Takeaways

Wall Street giants like JPMorgan and Citigroup are embracing stablecoins as lawmakers debate crypto regulations. Stablecoin adoption remains strong, with $36.1T in annual transaction volume.

Wall Street’s growing interest in digital assets took another step forward as top banking executives signaled their entry into the stablecoin space.

JPMorgan and Citigroup’s stablecoin push

JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser both confirmed plans to engage with stablecoins, reflecting a broader institutional shift toward crypto integration.

Remarking on the same, Fraser noted, 

“We are looking at the issuance of a Citi stablecoin. We really welcome the administration’s willingness to allow banks to participate in the digital asset space more easily.”

This is an interesting move given, JPMorgan CEO Jamie Dimon, who was once a vocal critic of cryptocurrencies, acknowledged the need to adapt.

He cited competition in the payments space as a key driver for embracing stablecoin technology.

In line with this shift, JPMorgan has already unveiled plans for a deposit token known as JPMD, designed to function similarly to a stablecoin but limited to use by its institutional clients.

But, he also clarified that his skepticism hasn’t completely faded, emphasizing a cautious approach despite the bank’s growing involvement in digital assets.

“I think they’re real, but I don’t know why you’d want to [use a] stablecoin as opposed to just payment.”

Regulatory roadblock

This coincided with the “Crypto Week,” called by some GOP members, wherein legislative efforts around digital assets in Washington encountered early turbulence.

For those unaware, on the 15th of July, a procedural floor vote to advance three crypto-related bills, alongside the 2026 Defense spending package, failed, with 13 Republicans joining Democrats in voting against it.

The 196-223 outcome stalled momentum for moving the legislation to the House floor.

Some Republicans opposing the motion argued that all pending crypto bills should be bundled together for unified consideration.

Following this, President Donald Trump urged GOP lawmakers via Truth Social to support the GENIUS Act and push for swift progress ahead of the August recess. 

Source: Truth Social

Needless to say, this stirred considerable uncertainty within the crypto community, as highlighted by journalist Jake Sherman, who remarked, 

“They may bring up the rule later. They may not. we will see!” 

What’s ahead?

However, despite the ongoing legislative uncertainty in Washington, there are signs of renewed momentum.

House Speaker Mike Johnson has indicated that another vote could take place soon, offering hope for progress on stalled crypto bills.

Source: Brendan Pedersen/X

Meanwhile, the stablecoin market remains resilient and even optimistic.

According to Visa’s on-chain analytics, stablecoins have facilitated an impressive $36.1 trillion in transaction volume over the past 12 months.

This substantial figure underscores that interest in stablecoins remains strong, suggesting that regulatory headwinds have yet to dampen real-world usage and institutional enthusiasm for these digital assets.