Wells Fargo

A group of 21 financial institutions plans to establish a company to support stablecoin issuance, starting with a U.S. dollar token for payments and digital asset settlement. The venture is expected to pursue compliance with U.S. and European frameworks while prioritizing a euro-denominated token for expansion.

Bitwise Chief Investment Officer Matt Hougan says bitcoin could draw trillions of dollars from major institutions over the next decade. His long-term case argues that even a 1% allocation from the world’s largest capital pools could help support a $1.3 million bitcoin price by 2035.