Circle Moves Toward Privacy-focused Stablecoin With Usdcx Project

The initiative aims to address a key hurdle for major financial institutions, many of which have been hesitant to utilize blockchain-based payment rails because their transaction flows would be publicly visible.

Related: Bank lobby is ‘panicking’ about yield-bearing stablecoins

As Cointelegraph reported, a corporate stablecoin race is emerging in the wake of GENIUS. Citigroup has partnered with Coinbase to test stablecoin-based payment rails for its clients, while other Wall Street companies, including JPMorgan and Bank of America, are reportedly in the early stages of experimenting with similar technologies.

Global remittance provider Western Union is also building a digital asset settlement system on Solana, with plans to introduce a US Dollar Payment Token as part of its infrastructure overhaul. Meanwhile, global payments giant Visa has expanded its stablecoin offerings amid growing competition in the space.

The US dollar underpins the vast majority of global stablecoin activity. USDC (USDC) and Tether’s USDt (USDT) together account for roughly 85% of the market, while other dollar-linked tokens, including synthetic dollars and PayPal USD (PYUSD), also rank among the largest.

Related: Crypto Biz: Wall Street giants bet on stablecoins

Source: CoinTelegraph