A Standout Performance Across All Time Horizons

Silver’s rally becomes even more striking when viewed across different timeframes. On a daily basis, prices climbed by 2.95%, while the monthly gain has reached an impressive 51%. On an annual scale, silver is up an extraordinary 292%, placing it among the best-performing major assets.

The pace of the move has accelerated sharply in recent weeks. Over the past two weeks alone, prices have risen by more than 30%, making silver one of the most significant market stories of 2026 so far. This rapid appreciation has forced many market participants to abandon previously conservative short-term forecasts much earlier than expected.

Citi Revises Outlook: $150 Target Comes Into Focus

Following the sharp advance, Citigroup has revised its short-term outlook decisively upward. Just two weeks ago, the bank had set a 0–3 month target of $85 per ounce. After silver swiftly broke above $100, Citi increased its short-term target to $150 per ounce.

According to Maximilian Layton, Global Head of Commodities Research at Citi, silver still has room to climb until it begins to look historically expensive relative to gold. Layton emphasizes that the current price action is being driven less by traditional supply-demand fundamentals and more by capital flows. This behavior has led many investors to describe silver as acting like “gold squared” or “gold on steroids.”

What Is Powering Silver’s Surge?

Citi points to several forces underpinning the rally. Rising geopolitical tensions and renewed concerns over the independence of the US Federal Reserve are fueling both investment and speculative demand. In periods of heightened uncertainty, silver appears to be benefiting alongside other hard assets.

Demand from China has been a key driver, with additional support coming from India and a broad base of global retail investors. Notably, traditional indicators that might normally slow prices—such as falling ETF holdings, lower Comex positioning, or declining inventories—have failed to cool the rally. Premiums in Shanghai and India continue to signal tight market conditions.

Will Policy Tightening Slow the Momentum?

Chinese authorities have taken steps to curb speculative excess by suspending new subscriptions in the country’s sole silver ETF and raising margin requirements on the Shanghai Futures Exchange. Despite these measures, Citi does not expect a meaningful slowdown in demand.

Layton argues that retail investors in China tend to follow strong price trends, which could further tighten the market rather than ease it. As long as this behavior persists, upward pressure on prices may remain intact.

In summary, silver continues to stand out as one of the hottest assets in global markets, supported by powerful momentum, strong investor conviction, and increasingly bullish expectations.

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Ethereum Price Target Raised

In its latest report, Citigroup revised its outlook for Ethereum upwards. The bank increased its year-end target from $4,300 to $4,500, citing robust demand driven by ETFs and digital asset treasuries.

According to Citi, Ethereum could replicate Bitcoin’s earlier success in drawing institutional interest through ETF products and treasury strategies, potentially fueling stronger market momentum.

Bitcoin Forecast Revised Lower

On the other hand, Citigroup took a more cautious stance on Bitcoin. The bank adjusted its year-end price target for BTC down from $135,000 to $133,000.

The revision was linked to several macroeconomic pressures, including a stronger U.S. dollar and declining gold prices, both of which have traditionally acted as safe-haven assets. Citi suggested that these factors could create headwinds for Bitcoin in the short term.

Fed Rate Cuts Still Expected

The report also addressed potential implications of the U.S. government shutdown, noting that it could delay the release of key economic data. However, Citigroup maintained its expectation that the Federal Reserve will continue cutting interest rates throughout the remainder of the year.

Citi economists forecast 25 basis point cuts in both October and December, aligning with signals from the Fed’s dot plot projections.

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Through this system, BNY Mellon clients will be able to invest in money market funds whose ownership records are maintained on Goldman’s private blockchain. The platform isn’t limited to these two financial giants — asset management powerhouses like BlackRock, Fidelity Investments, and Federated Hermes are also involved. Additionally, Goldman Sachs and BNY Mellon will onboard their own asset management divisions into the system.

Tokenized Funds: A New Era in Institutional Finance

Unlike typical stablecoins, which primarily serve as digital representations of fiat currencies, these tokenized funds generate yield. This makes them particularly appealing to hedge funds, pension funds, and large institutional players looking for secure yet profitable alternatives to idle cash.

According to Laide Majiyagbe, BNY Mellon’s Head of Global Liquidity and Collateral, this development eliminates several friction points in today’s financial markets. By leveraging blockchain technology, transactions become faster and more efficient. Perhaps even more importantly, tokenized assets can be transferred between financial entities without needing to be liquidated into cash — a feature that could reshape how institutional capital flows.

Transforming a $7.1 Trillion Market

The money market fund industry currently stands at a staggering $7.1 trillion. By introducing blockchain-backed infrastructure into this massive market, Goldman Sachs and BNY Mellon aim to modernize the way institutions manage liquidity and deploy capital. This transformation isn’t just technological — it aligns with a broader regulatory trend that favors digital assets.

Just recently, the GENIUS Act was passed in the U.S., laying the foundation for stablecoin regulation and boosting institutional confidence in blockchain innovation. That legislation has already prompted banks like JPMorgan, Citigroup, and Bank of America to evaluate the use of stablecoins for payments.

Yet what Goldman and BNY are building goes beyond simple transactions. Tokenized money market funds could usher in a new era of institutional cash management, where security, yield, and liquidity coexist seamlessly on-chain.

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Leading financial institutions in the US are taking action to transform digital finance. This move aims to increase competition against the growth of the cryptocurrency sector and the entry of tech giants into finance. 

The banks are collaborating with organizations managing payment systems like Early Warning Services and the Clearing House, which oversee Zelle. The goal is to make payments faster, cheaper, and more secure. Although the talks are not official yet, the strategy planning process is accelerating. The banks may advance or cancel the project depending on customer demands and regulatory frameworks. 

Stablecoin and Blockchain Technology 

The planned stablecoin will be pegged to the US dollar and operate on blockchain infrastructure. This will speed up international transfers and large transactions at a lower cost. Additionally, blockchain’s transparency and security advantages will enhance financial efficiency. This system aims to bridge traditional finance with the digital economy. 

GENIUS Act: New Rules for Digital Finance 

The GENIUS Act is an important regulation aimed at establishing the legal infrastructure for the digital dollar. This law grants banks and non-bank financial institutions the authority to issue stablecoins. Publicly traded technology companies can also enter this space under certain rules. 

The law provides a comprehensive framework to regulate digital finance. It sets uniform rules for all stakeholders, creating a standardized regulatory structure. It prioritizes security and transparency. Organizations apply the highest security standards to protect customer data and transactions. Banks aim to align the project with US regulatory bodies. During this process, they evaluate technical infrastructure and carefully analyze customer demands. The goal is to maintain the highest security level and meet user needs. 

• Permission for banks to issue stablecoins 
• Permission for non-bank financial firms to issue stablecoins 
• Limited stablecoin permissions for publicly traded tech companies 
• Proposal for a uniform regulatory framework 

For example, Donald Trump launched his own meme coin. In March, his family-connected company, World Liberty Financial, announced plans to issue a stablecoin. These moves are pushing major banks to accelerate their digital strategies. Banks do not want to lose advantages to aggressive and flexible competitors. Many crypto-focused companies are striving to comply with official banking regulations. These firms believe the GENIUS Act will make the process more accessible. 

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As of May 6, over 99.97% of votes cast on the WLFI governance forum supported the plan, with over 2.6 billion votes in favor and just 901,000 votes against.

“Testing the airdrop system in a real environment is essential to ensure smart contract reliability. It also acts as a meaningful thank-you to our earliest community members,” the proposal reads.

USD1 Test Launch And WLFI’s Growth Strategy

The exact amount of USD1 to be airdropped has not been disclosed and will depend on the number of eligible wallets and available budget. No date for the airdrop has been announced. WLFI reserves the right to suspend, modify, or cancel the test at any time.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

WLFI launched the USD1 stablecoin in March 2025. Since its September 2024 debut, the firm has conducted two public token sales, raising a total of $550 million from over 85,000 registered holders.

The Global Race For Stablecoins Intensifies

The market cap of US dollar-pegged stablecoins reached $230 billion in April, according to Citigroup, a 54% increase year-on-year. Tether (USDT) and USDC continue to dominate 90% of this market.

Meanwhile, other nations are exploring their own non-dollar stablecoins. On April 28, three major Abu Dhabi institutions revealed a dirham-backed stablecoin project. And in Russia, the Finance Ministry proposed creating a national stablecoin after sanctions froze wallets linked to Garantex and Tether.

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Jorn Lambert, Mastercard’s Chief Product Officer, described the initiative as a “360-degree approach” that enables consumers to spend stablecoins while allowing merchants to accept them with ease.

150 Million Merchants Can Now Accept Stablecoins

The stablecoin market has surged in the past year, reaching a total value of over $230 billion, a 54% increase year-over-year. USDT (Tether) and USDC (Circle) dominate around 90% of the market.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

According to a report by Artemis and Dune, active stablecoin wallets have grown by over 50% in the past 12 months. Investment bank Citigroup predicted in an April 23 report that the market could hit $3.7 trillion by 2030 due to regulatory clarity and growing institutional interest.

Partnerships With OKX and MetaMask Strengthen Card Utility

Beyond enabling merchants to receive stablecoins, Mastercard is also helping users spend them in the real world. The company launched the OKX Card in partnership with crypto exchange OKX, enabling seamless spending of digital assets.

On the same day, MetaMask and Mastercard revealed a crypto card that lets users make self-custodied payments via smart contracts, with transaction speeds under five seconds.

Mastercard has previously collaborated with Binance, Kraken, and Crypto.com on similar crypto-enabled debit card products.

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Previously anticipating two 25-basis-point cuts this year, Bank of America announced it now expects no rate cuts. The bank highlighted the risk of the Fed’s next move being a hike rather than a cut.

Citigroup maintains its forecast of five 25-basis-point rate cuts but shifted the timeline, expecting cuts to start in May rather than January. Meanwhile, Goldman Sachs lowered its forecast to two rate cuts this year, down from three.

Bank of America Insights

Aditya Bhave and his team at Bank of America stated, “Following the robust December nonfarm payroll report, we believe the cutting cycle is over.” They also noted that if core PCE inflation surpasses 3% or inflation expectations rise, the Fed might consider raising rates instead.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Andrew Hollenhorst and Veronica Clark from Citigroup dismissed concerns about the Fed refraining from cuts or even considering rate hikes this year. They emphasized that while employment is stronger than expected, both price and wage inflation are decreasing, enabling officials to feel comfortable implementing rate cuts.

Led by Jan Hatzius, Goldman Sachs economists projected rate cuts in June and December this year and again in June 2026. However, they revised their previous forecast of cuts in March, June, and September, now estimating a terminal rate of 3.5% – 3.75%.

December Nonfarm Payroll Data Impact

The U.S. December nonfarm payroll figure came in at 256,000, significantly exceeding expectations. This led to a reduction in rate cut expectations, with markets now pricing in just 30 basis points of cuts by the end of 2025. The mid-year cut expectation has been postponed to September.

Since September, the Fed has reduced its policy rate by 100 basis points to the range of 4.25% – 4.5%.

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