Stablecoin Market Cap Hits $250B as GENIUS Act Nears Final Approval

The global supply of stablecoin has surpassed a notable milestone of $250 billion as the much talked GENIUS Act (stablecoin bill) nears final approval. The bill was reportedly passed by the Senate on June 17, with a 68-30 vote, and is now received by the House, marking a rare bipartisan effort in a polarized Congress to regulate stablecoins. 

As per DeFillama data, the current stablecoin market cap sits at $253.041 billion. It has increased over 2.34% in the past 30 days, with most of the new minting residing in Tether USDT. 

Source: DeFillama

The increasing attention on stablecoins has also boosted stocks like Circle (CRCL) and Coinbase (COIN), both gaining 33.8% and 16%, respectively, over the past trading sessions. 

With the GENIUS Act on the verge of coming into effect, it could position the U.S. as a global crypto leader, with it challenging China’s digital yuan, which processes $14 billion monthly. However, concerns linger over potential corruption risks, with critics like Senator Elizabeth Warren cautioning against unchecked growth.