Major American banks launch stablecoins while memecoins make a roaring comeback

While Bitcoin is once again surging higher and analysts are wondering when altseason will truly begin (and even memecoins are back in the spotlight), major US banks are focusing on the stablecoin market.

The timing is not a coincidence, because just as the US Congress is about to debate the Genius Act, major banks JP Morgan and Citigroup are announcing that they are both launching their own stablecoin soon.

JPMorgan and Citigroup are considering entering the stablecoin market

JPMorgan CEO Jamie Dimon said he does not understand why stablecoins are needed but cannot remain on the sidelines. He added that the bank will work with both JPMorgan’s deposit coin and stablecoins. Dimon… pic.twitter.com/a1Ihb2tXxR

— CRYPTO OUTLOOK (@_crypto_outlook) July 16, 2025

Citigroup CEO Jane Fraser explained: “We are looking at the issuance of a Citi stablecoin, but probably most importantly is the tokenized deposit space, where we’re very active. This is a good opportunity for us.”

Meta

Banks are just the latest in a long line of companies considering expanding their use of stablecoins. Last month, it was reported that Apple, X (formerly Twitter), Arbnb, and Google were in talks with crypto companies to allow stablecoins (such as Tether or PayPal’s PYUSD) on their respective platforms as a form of payment.

Meta (formerly Facebook) attempted to introduce its own cryptocurrency, called Libra, in 2020 but encountered considerable resistance from the banking sector. Since crypto has become much better known (and more widely accepted), it seems like a good time for the Silicon Valley tech sector to finally accept stablecoin payments.

Memecoins

It’s also striking that memecoins, which endured a few horrific months in Q2, are suddenly making a major comeback now that new players are entering the crypto market. Bonk, Shiba Inu, and many others are easily up 20% per day.