$USDC

From this writing, USDC has a market capitalization of 56 billion dollars. And since the stablecoin is intended to maintain its 1:1 peg with the US dollars, its market capitalization rises and falls in relation to the amount of tokens in wallets.

In June 2022, Japan passed a stablecoin bill recognizing tokens as a form of digital money. The legislation, which came into effect in 2023, requires that stablecoins be linked to the yen or another legal tender and guarantees holders the right to redeem them at their face value.

It also specified that approved stablecoins could only be issued by licensed banks, registered money transfer agents, and trust companies, with the FSA reporting that regulations governing stablecoin issuers will be introduced in the coming months.