The USDT from 'Tether' and USDC from 'Circle' continue to dominate the scene, together representing about 86% of the total supply.
However, the market is witnessing increasing diversity, as the value of more than 10 other stablecoins has surpassed the $100 million mark.
It is noted that the US government bonds backing these currencies currently exceed $120 billion.
This recovery comes after a period of sharp disruptions that affected the sector over the past years, starting with the collapse of the Terra currency (UST) in 2022, followed by the decoupling of USDC in the wake of the SVB banking crisis in 2023, which raised concerns about the stability of this sector.
While the growth drivers include the recovery of digital currencies in general, the listing of cryptocurrency index funds in the US market in 2024, in addition to changes in political trends under the Trump administration, which contributed to increasing institutional interest in digital currencies.
This growth is accompanied by legislative efforts to regulate the market, most notably the 'GENIUS' bill that was approved in the Senate and is awaiting a vote in the House of Representatives.
The law aims to establish a strict regulatory framework for stablecoins, and is promoted as a step to enhance American leadership in the field of digital finance.
President Trump, for his part, described the bill as an opportunity to make the United States 'undisputed leader' in digital assets, calling for its passage without amendments. However, the law faces criticism from some Democratic legislators, who express concerns about conflicts of interest, especially regarding claims that Trump or his family have direct interests in one of the stablecoins (USD1).
For the first time in the market's history, the total supply of stablecoins has exceeded $250 billion, according to a report by 'Delphi Digital'.
This achievement reflects remarkable growth, driven by the return of confidence to the digital asset market and the flourishing of yield-bearing stablecoins, such as 'Ithena' which has approached a value of $6 billion since its launch.