Wall Street giants like JPMorgan, Citigroup, and Bank of America are eyeing stablecoins as a future payment infrastructure to handle trillions of dollars in transactions. Major banks are considering launching their own stablecoins to stay competitive in the digital asset space.

OKX has joined Paxos’ stablecoin network, introducing its 60 million global users to the USDG stablecoin. USDG, regulated by the Monetary Authority of Singapore and the EU’s MiCA framework, has a circulating supply of $350 million and is stored in Singapore’s DBS Bank.

The S&P 500 Index has hit a record high, but when measured against Bitcoin, it’s down 15% year-to-date. Bitcoin’s dominance over traditional markets is evident, with the S&P 500 losing 99.98% of its value against Bitcoin since 2012.

California has launched the Breakthrough Project to streamline government operations with input from crypto and tech leaders like Ripple, Coinbase, and MoonPay. The initiative aims to enhance public services and digital infrastructure by fostering collaboration between industry experts and lawmakers.

Read more at cointelegraph.com: Wall Street Giants JPMorgan, BoA and Citi Eye Stablecoins