WuBlockchain
Goldman Sachs, Citi and other financial institutions have committed $270 million to a joint stablecoin project, the headline item in a week stacked with institutional milestones across crypto.
Why it matters
The week's signals ran well past the stablecoin headline. Ethlabs proposed accelerating Ethereum's quantum-resistant upgrade to 2027, pulling forward one of the network's most significant security overhauls. Coinbase received final OCC approval for its national trust bank charter, cementing its path as a federally chartered crypto bank. On the regulatory front, the SEC backed the CFTC's approval of single-stock perpetual futures, an unusually coordinated stance between the two agencies.
OKX and ICE also confirmed a November 23 launch for their tokenized securities venue, adding another TradFi-grade distribution channel for tokenized assets.
Market impact
Against that buildout, stablecoin flows are shifting. USDT's market cap fell $6.6 billion over the past 60 days, a notable retrenchment just as bank-backed issuers arrive with fresh capital.
Corporate treasuries are also moving the other way: 14 public companies have sold over 108,000 BTC this year, adding supply pressure even as institutional infrastructure deepens. The tension between expanding TradFi rails and shrinking stablecoin and corporate BTC balances is the dynamic to watch into year-end.
Source: [WuBlockchain Weekly: Goldman, Citi Launch Joint USD Stablecoin, Ethereum May Accelerate Post-Quantum Upgrade, Coinbase Trust Bank License Approved, etc — Wu Blockchain](https://wublock.substack.com/p/wublockchain-weekly-goldman-citi)
Frequently asked questions
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How much are Goldman Sachs and Citi committing to the stablecoin project?
Goldman Sachs, Citi and other financial institutions have committed $270 million to a joint stablecoin project, the largest institutional headline of the week.
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When is Ethereum targeting its quantum-resistant upgrade?
Ethlabs proposed accelerating Ethereum's quantum-resistant upgrade to 2027, moving the security overhaul earlier than previously planned.
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What approval did Coinbase receive from the OCC?
Coinbase received final OCC approval for its national trust bank charter, giving it a federal banking foothold in the United States.
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How much has USDT's market cap fallen recently?
USDT's market cap declined $6.6 billion over the past 60 days, according to the weekly roundup.
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How much BTC have public companies sold this year?
14 public companies have sold over 108,000 BTC so far this year, adding supply pressure to the market.
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