Bank of America and Citigroup plan to launch their own stablecoin.

Increasingly larger setups are moving towards Crypto Assets. Bitcoin (BTC) has broken records, but now the mainly stable records have attracted people's attention. Citigroup, a bank in the United States, is now mixing in the competition: it is working with its own stablecoin and blockchain-based bank deposits. competition CEO Jane Fraser revealed this week that Grootbank is seriously examining its own stablecoin issues. The so-called Citigroup Stablecoin must contribute to the further expansion of the bank's digital payment options. In a recent speech, Fraser announced that the focus is not only on stability. Citigroup is also investigating the possibility of so-called "token deposits." These are digital representations of bank deposits, but subsequently exist on the Blockchain. The CEO believes that the growth potential of this token mining pool is greater than that of traditional stablecoins. It allows for faster, cheaper, and more secure payment speeds compared to conventional stablecoins, which are typically issued by third parties. Moreover, if banks provide token deposits themselves, they will earn more from it. Citigroup is not the only large bank further involving itself in the world of Crypto Assets. Previously, competitor JPMorgan had confirmed that it could use its own Blockchain solutions. This includes the digital mint JPMD, which, like Fraser's idea, must become a digital deposit. Other companies are also on the move. For example, Amazon and Walmart have announced that they are researching their own stablecoin. This could save the two companies billions of dollars each year in their e-commerce activities. The genius law has brought clarity. The increasing interest from Wall Street is due to Donald Trump's policies. Since his return to Washington, he has insisted on implementing new pro-Crypto legislation. When it comes to stabilizers, genius behavior plays a particularly important role. The bill has already been approved by the Senate and will go to the House tomorrow. If the proposal is approved, it could lead to clear regulations. Stablecoin publishers will know exactly where they stand, and consumers will be better protected as companies must meet strict guarantees.