Top Moves This Week

Congress passes key crypto bills: The House approved the GENIUS Act (stablecoin framework) 308–122 and the Digital Asset Market CLARITY Act (market structure) 294–134 after this week’s marathon procedural saga; Anti-CBDC Surveillance State Act language advanced via the House (to be folded into the NDAA for final negotiations).

Big‑Bank stablecoin signals: Citi CEO Jane Fraser told analysts the bank is “looking at the issuance of a Citi stablecoin,” highlighting tokenized deposits as a near‑term focus; Bank of America CEO Brian Moynihan said the bank has “done a lot of work” on stablecoins but is waiting on regulatory clarity and customer pull; industry chatter continues around a possible bank‑consortium token as large institutions eye the space.

Ondo goes vertical: Ondo Finance agreed to acquire SEC‑regulated brokerage /ATS /transfer‑agent Oasis Pro (on July 4) and, this week, announced the acquisition of blockchain infra shop Strangelove—bringing chain engineering talent in‑house as it readies a full‑stack RWA platform.

Jose Fernández da Ponte exits PayPal (PYUSD lead) to join Stellar as President & Chief Growth Officer: A major stablecoin talent move; he led PayPal’s PYUSD launch and will now scale institutional + developer adoption at the protocol layer.

Congress Passes Landmark Crypto Legislation: What Was Approved & What Happens Next

After days of procedural chaos, Congress just closed out Crypto Week by moving two major crypto bills and advancing a third anti-CBDC measure. Here’s what cleared today and where each heads next:

Trump to sign GENIUS Act into law as soon as tomorrow

After a procedural standoff of nearly 10 hours, leadership uncoupled controversial riders and rallied >100 Democratic votes; Trump personally whipped GOP holdouts. Passage sends the already‑approved Senate version directly to the White House.

What to watch next: Signing window (there are reports of a possible Friday ceremony); Treasury / Fed implementation timelines; how quickly banks & fintech issuers file.

What the Q2 Calls Tell Us About Big‑Bank Stablecoins

Tokenization and stablecoins made it into Wall Street’s Q2 investor calls and shed light over where Citi, BofA, and Morgan Stanley stand.

Citi: Actively Scoping a ‘Citi Stablecoin’

On Citi’s July 15 earnings call, CEO Jane Fraser said the bank is “looking at the issuance of a Citi stablecoin” and highlighted the tokenized‑deposit space as a “good opportunity” where Citi is already active. The bank is also exploring reserve management for stablecoins and crypto custody services. With shares at their highest since 2008, management might be willing to risk more?

How serious? Citi already runs private‑ledger deposit token pilots; management framed a public‑chain stable as an extension, if policy aligns. 

Bank of America: Waiting for regulatory clarity and demand

BofA CEO Brian Moynihan reiterated that the bank has “done a lot of work” on stablecoins but said use‑cases and client demand remain unproven amid regulatory uncertainty. Earlier remarks this year had suggested BofA would move quickly if a fully dollar‑backed model is legalized. TBD whether the now passed GENIUS act will be enough.

Morgan Stanley: Doesn’t want to miss the stablecoin hype

During a post-earnings conference call, CEO Ted Pick said the bank is looking at the potential uses of stablecoins as it considers strategic acquisitions. CFO Sharon Yeshaya told analysts the firm is evaluating client use‑cases as the policy picture clears. It sounds like the safe thing to say in this hyped-up environment, so it’s unclear how serious they actually are.

So, Big Bank Coin is Coming?

Regulation = green light. Banks were previously waiting for the GENIUS Act to pass for clarity on reserve requirements, issuer types (bank vs. non‑bank), and yield restrictions. Banks will certainly want a cut of stablecoins’ lucrative issuance and FX revenue pools. With the bill passed, we’ll see who moves first.

Circle’s moat isn’t gone—but banks bring balance sheets & distribution. TradFi entry may validate rather than kill USDC; banks are likely to target institutional settlement where Circle has less lock‑in. And there’s talk about a Big Bank Stablecoin via bank-owned consortia (Early Warning Services or The Clearing House).

Ondo’s Full‑Stack Ambition: From Assets to Infrastructure

Two deals in two weeks show Ondo’s push to control both the regulated front door and the technical plumbing for tokenized assets.

Regulated market access (Oasis Pro) + modular chain engineering (Strangelove) is a potent combo: Ondo can originate compliant securities and decide the execution environment—public L1s today, dedicated chain tomorrow. Expect faster listings (tokenized stocks), richer composability with stablecoins/T‑bill tokens, and more direct institution‑to‑DeFi hooks.

Oasis Pro

Ondo agreed to acquire Oasis Pro on July 4th, whose subsidiaries hold SEC‑registered broker‑dealer, Alternative Trading System (ATS), and Transfer Agent licenses. The deal, pending regulatory approval, would let Ondo list, trade, and settle U.S. securities on‑chain for (initially) non‑U.S. investors via its Global Markets platform—broadening beyond its ~$1.4B existing RWA products (USDY, OUSG).

Strangelove

Ondo is acquiring blockchain development shop Strangelove, bringing deep interoperability and custom chain expertise in‑house. Strangelove CEO Jack Zampolin joins Ondo as VP Product; the acquisition positions Ondo as “the only full‑stack tokenized asset platform” spanning asset issuance, protocol design, and blockchain development, and accelerates work on a forthcoming Ondo chain.