The stablecoin market has surpassed $260 billion and continues to grow rapidly. In the past week alone, nearly $5 billion in new stablecoins were minted, led by Tether (USDT). While USDT and USDC remain dominant, emerging stablecoins like USDe (Ethena) and USDS (Sky) surged nearly 25%, indicating growing market fragmentation. Rising competition comes as new regulations like the GENIUS Act could reshape the power dynamics among issuers.

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