The new US legislation was the catalyst for the stablecoin market to reach its all-time high (ATH) this Wednesday, reaching $283.2 billion. The bullish movement is attributed to the Trump administration’s GENIUS Act, which grants regulatory clarity to these assets. Ron Tarter, CEO of MNEE, called the reform a “green light” for US corporations to integrate into the industry. Simultaneously, Tether (USDT), the world’s largest stablecoin, also registered a capitalisation high of $184.79 billion.
Ethereum’s dominance was made evident thanks to this regulatory clarity. The asset maintains a leading stablecoin supply of $174.95 billion, with a robust year-over-year growth of 63%. Meanwhile, the competition for liquidity is intensifying in the Layer 2 (L2) ecosystem. Arbitrum leads L2s with $7.84 billion, followed by Base Chain with $4.53 billion. Although Mantle showed explosive year-over-year growth of 147%, other networks like OP Mainnet saw their stablecoin supply fall by up to 55.2%, underscoring the fierce battle for market share.
The White House noted that the GENIUS Act seeks to ensure that stablecoins are crucial for maintaining the global dominance of the dollar. The next step is set on Europe, where ten major banks will launch Qivalis, a euro-pegged stablecoin under the MiCA regulation, planned for 2026. This development prepares for an imminent global battle for the leadership of stable digital currencies, making regulatory adaptation the key to success.
Source: https://www.growthepie.com/fundamentals/stablecoin-market-cap
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