This month, interest in stablecoins reached record levels amid the passing of the GENIUS Act in the US. This act marks an important step in integrating stablecoins into the country's financial system.
Increase in Search Queries
The passage of the GENIUS Act marked the first comprehensive law for payment stablecoins in the US. Search activity for 'stablecoins' increased significantly during discussions around the law. The strongest interest was observed in Washington and nearby areas. Following the signing of the law on July 18, global interest remained high, scoring 75 on Google's scale.
Comparison with MiCA in Europe
MiCA took effect in 2024 in the European Union and introduced new rules for stablecoins. However, data indicates that the impact on public awareness was mild. While the interest in the GENIUS Act rose by 16% after its passage, MiCA showed only a slight increase.
USDT's Dominance in the Stablecoin Market
Despite growing interest in stablecoins, Tether's USDT leads global search interest with an index score of 55, significantly surpassing other tokens like USDC. In certain US cities such as New Orleans and San Francisco, USDC is more popular, while USDT leads in major cities like Lagos and Singapore.
The GENIUS Act could reshape the landscape of stablecoins in the US, providing a legal framework for their use and keeping them at the forefront of attention from both consumers and financial institutions.
