"After the Wild West early days of crypto, Wall Street became increasingly interested in digital assets as Bitcoin's price rose into the hundreds, and then thousands of dollars, and other blockchains like Ethereum offered the promise of decentralized financial applications such as lending and payments that could reduce the frictions of legacy systems. But many early pilots, such as the R3 blockchain consortium formed in 2015 between financial firms such as Goldman Sachs and Santander,"
"Citi has long been a pioneer in the space, including through its Citi Token Services program, which uses a private blockchain to facilitate 24/7 payments between institutional Citi customers. While this is a more limited use case, especially because it doesn't utilize the permissionless and decentralized innovations of Bitcoin, Korenyuk says it proves that crypto's distributed ledger technology can change payment rails through programmability."
Satoshi Nakamoto introduced Bitcoin in 2008 as a decentralized currency reacting to the financial crisis. Over nearly two decades crypto matured and became increasingly intertwined with Wall Street as Bitcoin's price climbed and other blockchains like Ethereum enabled decentralized financial applications such as lending and payments. Early institutional pilots such as the R3 consortium launched in 2015 failed to gain traction amid regulatory uncertainty and market volatility. Recent policy shifts, including the Genius Act's stablecoin rules, have altered the landscape. Citi's private Citi Token Services shows distributed ledger technology can enable 24/7 institutional payments and programmable payment rails.
Read at Fortune Crypto
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