💰USDT and USDC are losing their monopoly: who will become the new king of stablecoins?
The overwhelming majority of the market capitalization ($245 billion) belongs to stablecoins pegged to the US dollar. The leader remains USDT from Tether with $153 billion, followed by USDC from Circle ($60.9 billion), and in third place is Ethena USDe ($5.5 billion).
But the situation may change. In mid-April, a new player appeared — USD1, linked to the Trump family project (World Liberty Financial). In just a month and a half, its market capitalization skyrocketed to $2.17 billion, and now it is in the top 5.
The US has passed the GENIUS Act — a law that establishes clear rules for stablecoin issuers. Now they are required to:
📍Fully back tokens with dollars and government bonds
📍Publish reserve data
📍Undergo regular audits.
⚠️Governments want to control stablecoins, but they also give them the green light.