The total supply of stablecoins has crossed a significant milestone, surpassing $250 billion. This development coincides with the impending approval of the GENIUS Act, which regulates stablecoins.
Market Size of Stablecoins
The current stablecoin market cap stands at $253.041 billion, representing an increase of 2.34% over the past month. Most of the new minting is concentrated in Tether (USDT).
Impact of GENIUS Act on the Market
The GENIUS Act, which has been actively discussed, was passed by the Senate on June 17 with a vote of 68-30 and has been sent to the House. This legislation represents a rare bipartisan effort to regulate stablecoins in a polarized Congress. If enacted, it could strengthen the U.S. position as a global leader in cryptocurrency.
Market and Stocks of Stablecoins
Increased attention on stablecoins has also led to gains in stocks of companies like Circle and Coinbase, which rose 33.8% and 16% respectively in recent trading sessions. However, concerns remain about potential corruption risks, as highlighted by critics such as Senator Elizabeth Warren.
As the overall supply of stablecoins rises and discussions surrounding the GENIUS Act continue, the cryptocurrency market remains in the spotlight, eliciting both optimism and concerns regarding regulation.
