US President Donald Trump has stepped up his criticism of traditional banks, accusing them of trying to block progress on the proposed Genius Act and maintain control over the financial system as cryptocurrency grows.

Speaking on the Blockchain Bulletin podcast, host Callum Williams outlined how Trump has used social media to frame banks as a barrier to financial innovation. Williams said the messaging has been reinforced by members of the Trump family as debate around stablecoin regulation intensifies in the US.

Referencing comments from Eric Trump on X, Williams noted that the family’s position presents banks as anti-consumer. Eric Trump wrote that “banks run a monopoly and have screwed their customers for years”, reflecting the argument that digital assets could offer a more open financial system.

At the same time, several developments across the crypto sector signal increasing institutional adoption.

Crypto exchange Kraken has become the first digital asset firm to secure a Federal Reserve master account, giving it direct access to the Fedwire payment system and allowing the company to settle payments without relying on traditional banking partners.

In Europe, Qivalis, a consortium of 12 banks, is preparing to launch a euro-backed stablecoin in the second half of the year. CEO Jan Oliver Sell said the project aims to create a “made in Europe” digital currency to support the region’s financial independence.

Elsewhere, Ripple continues to expand its payments infrastructure following acquisitions such as Palisade and Metaco, while Visa has extended its partnership with Bridge to enable stablecoin funding on cards used in more than 100 countries and accepted at around 175 million merchants worldwide.