BitGo to Provide Custody Services for StableX's $100 Million Stablecoin Initiative

March 11th — Digital asset infrastructure firm BitGo announced it will provide custody and trading services to publicly listed firm StableX Technologies, supporting the latter’s plan to build a stablecoin-related digital asset reserve of up to $1 billion. Per the announcement, BitGo Bank & Trust will act as custodian for StableX’s digital assets, while BitGo’s over-the-counter (OTC) platform will assist in executing related token purchase plans. StableX is a Nasdaq-listed company focused on stablecoin infrastructure. Following the news, its stock rose 9% intraday before closing up approximately 1.6%. The firm had previously begun building its digital asset reserve and acquired tokens tied to the stablecoin ecosystem, including Chainlink. BitGo Chief Revenue Officer Chen Fang noted this collaboration underscores that more publicly traded companies are building digital asset reserve strategies — no longer limited to Bitcoin, but beginning to lay out stakes in stablecoin ecosystem-related assets. Data shows the total market capitalization of global stablecoins has exceeded $314 billion. As the industry scales, investors are shifting focus to areas like stablecoin issuance, payments, infrastructure, and other related segments. Earlier, Bitwise filed with U.S. regulators to launch a stablecoin and tokenization-focused ETF that tracks stablecoins and associated infrastructure firms.