First-Ever Surge of Stablecoin Supply Beyond $250B: Dominance of Tether and Circle Remains Unchanged

The total supply of stablecoins has crossed $250 billion for the first time, with yield-bearing stablecoins, such as Ethena, seeing rapid expansion. Tether's USDT and Circle's USDC continue to lead, collectively representing 86% of the outstanding supply, despite the rise in issuer diversity. Market rebound, the 2024 launch of US-listed spot crypto ETFs, and a change in sentiment under the Trump administration have contributed to this growth.

In response to the maturing and momentum of the stablecoin market, the Senate has passed the GENIUS Act, aiming to establish US leadership in digital finance. Despite facing opposition, particularly from Democratic lawmakers, the bill is supported by President Trump, who is urging the House, controlled by a narrow Republican majority, to pass it to maintain US dominance in the digital asset space.