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Banking giant Citigroup says 2025 could be a “ChatGPT moment” in terms of adoption for stablecoins and blockchain technology. “The main catalyst for their greater acceptance may be regulatory clarity in the US, which could enable greater integration of stablecoins specifically, and blockchain more widely, into the existing financial system,” financial analysts at the bank said in an April 23 report . Citigroup Sees Stablecoin Market Cap Soaring To $3.7 Trillion By 2030 “The tailwinds of regulatory support and the increased integration of digital assets into incumbent financial institutions are setting the stage for increased usage for stablecoins,” the Citigroup analysts said in the report. With the anticipated surge in usage for stablecoins, the banking titan predicted that the market cap for stablecoins could soar to as high as $3.7 trillion by the end of the decade in a bull case. In a base case, this figure is expected to rise to $1.6 trill...

Out of the 195 countries in the world, 130 are looking towards building their own Central Bank Digital Currency ( CBDC ). Therefore, 98% of the world aims to launch their respective CBDC s, making it easier to settle cross-border transactions. The CBDC ’s development gained momentum after the BRICS alliance called for De-dollarization early this year. Large-scale usage of digital currencies approved by the central banks of developing countries could put the U.S. dollar in jeopardy. Also Read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS So will the U.S. also launch a digital dollar to be ahead of other CBDCs and the onslaught from BRICS? In this article, we will highlight the Fed’s stance on launching a U.S. dollar-powered CBDC currency. BRICS: Will U.S. Launch CBDC Currency & Challenge De-Dollarization? marketwatch.com / GETTY IMAGES/ ISTOCKPHOTO Michael Barr, the Federal Reserve’s Vice Chair for Supervision, confirmed that the U.S. might not ...

The European Central Bank executive , Fabio Panetta, stated in a speech that the EC proposal for the digital euro could give the CBDC legal tender status. In a speech at the Economic and Monetary Affairs Committee, the executive said that the European Commission’s legislative proposals for the digital euro place Europe at the forefront of advanced economies. Panetta added that the digital euro could be a new form of central bank money. A digital euro would be a new form of central bank money, says Executive Board member Fabio Panetta. It is now up to legislators to ensure it would replicate key characteristics of cash in the digital sphere, particularly its privacyhttps://t.co/nQJzYylwpV 1/3 pic.twitter.com/4XPlk83Lwj — European Central Bank (@ecb) September 4, 2023 The European Commission (EC) revealed its proposal for the digital euro on June 28. The ECB executive explained that the digital euro will preserve European monetary sovereignty, helping citizens access a pu...