$290B and climbing: Stables market double since early 2024
- The market is roughly $290 billion, up 18% in 90 days and more than double since early 2024.
- Mastercard enabled access to USDG, USDC, PYUSD, and FIUSD in June.
- The CFTC calls collateral management the “killer app” for stablecoins, and observers say the TradFi–blockchain boundary is fading.
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JPMorgan readout! U.S. GENIUS act fuel 42% YTD stablecoin growth
- The stablecoin market is up 42% year-to-date to nearly $300 billion and now equals ~7.5% of the $3.8 trillion crypto market cap.
- USDC has climbed to $73.7 billion (25.5% share) while Tether’s dominance slipped to 60.4%.
- Since the GENIUS announcement on July 18, the sector’s market cap has risen 19%.
Base’s Jesse Pollak says non-USD stablecoins are the missing piece - Pollak argues stablecoin activity is “99%” dollar-denominated and needs local-currency options for real utility.
Tether adds $1B in BTC; USDT nears $175B supply - Tether bought 8,889 BTC (~$1 billion), lifting its bitcoin reserves to $9.7 billion. USDT supply reached $175 billion, up 10.7% over the last quarter.
🔍 Policies: GENIUS Act tightens rules on stablecoin yield but loopholes remain
- The GENIUS Act will classify any return that “looks like interest” as such, tightening yield rules.
- Platforms may route rewards through partner banks or frame them as payment incentives — like PayPal’s 3.7% APR on PYUSD — to stay compliant.
- Analysts expect a split market between regulated stablecoins and unregulated ones used for remittances.
🔥 Biz Beats: Tether targets $1T goal via Rumble, Deutsche Börse brings USDC and EURC into Europe, and Abu Dhabi builds ADI Chain for a dirham stablecoin
Tether teams with Rumble to push USAT adoption in the U.S.
- Tether aims to tap Rumble’s 51 million monthly active users by enabling stablecoin use in the U.S. through the video platform.
- Rumble plans to launch a crypto wallet powered by Tether tech later this year.
- After a $775 million investment for ~48% of Rumble, Tether touts its new USAT (U.S.-only, dollar-backed) alongside USDT’s $174.6 billion supply.
Société Générale integrates euro and dollar stablecoins with Uniswap, Morpho
- The French bank’s crypto unit connected its EURCV and USDCV stablecoins to Uniswap and Morpho for DeFi lending.
- Users can borrow against BTC, ETH, and tokenized money market funds like USTBL and EUTBL.
- DeFi lending deposits hit a record $130 billion amid new U.S. and EU stablecoin regulations.
- Flowdesk provides liquidity; USDT remains dominant at $174.8B in supply.
Deutsche Börse and Circle to integrate stablecoins into European infrastructure
- The partnership will bring EURC and USDC into Europe’s trading, settlement, and custody systems.
- Stablecoins will be listed on 360T’s 3DX exchange and used through Crypto Finance.
- Circle CEO Jeremy Allaire said the move reduces settlement risk and lowers costs across markets。
- Circle, already MiCAR-compliant, aims to position EURC and USDC as core settlement instruments in Europe.
Tether’s USAT ambitions: $1T in 3–5 years, says Paolo Ardoino - Ardoino targets about $1 trillion for USAT within three to five years and says USDT and USAT will be 1:1 swappable.
Abu Dhabi’s IHC backs Layer 2 chain for dirham-backed stablecoin - IHC will launch ADI Chain, a Layer 2 built on Ethereum; the network will host an AED-pegged stablecoin from First Abu Dhabi Bank under UAE Central Bank oversight.
World Liberty Financial to tokenize commodities and pair with USD1 - The firm plans to tokenize real-world assets like oil, gas, and timber, pairing them with its USD1 stablecoin.
Mantle launches RWA tokenization service, adds USD1 stablecoin - Mantle introduced a “tokenization-as-a-service” platform for compliant real-world asset issuance.
Mantle tokenization launch drives 73% monthly surge in MNT price - Mantle’s token MNT hit a record $2, rising 73% over the past month. The network offers full compliance tools; licensing, KYC, legal structuring, and smart contract deployment.
Arf and Huma join Circle network for instant cross-border stablecoin payment - The partnership enables on-demand credit and same-day USDC settlements, freeing up working capital for users.
Crypto.com partners with Morpho to expand DeFi lending markets - The collaboration will let users borrow against crypto deposits via Morpho on the Cronos network.
Bitwise CIO: Tether’s profits could rival world’s most valuable firms - USDT now reaches over 400 million users, adding 35 million wallets each quarter.
Visa pilots stablecoin payments for corporate remittances - Businesses can now test USDC and EURC through Visa Direct for cross-border payments.
OKX brings USDT and USDC scan-to-pay feature to Singapore shoppers - OKX Pay now lets users pay with USDT and USDC in stores via a Grab-powered scan-to-pay service.
💡Rollouts: Stripe ships Open Issuance, Phantom turns wallet into money app, Paxos and Aleo prep a privacy stablecoin
Stripe unveils Open Issuance to let firms create custom stablecoins
- Stripe’s Open Issuance lets businesses launch and manage stablecoins with a few lines of code.
- Backed by BlackRock, Fidelity, Superstate, and Lead Bank, which handle reserves and cash custody.
- Stripe is pursuing a federal banking charter and a New York DFS trust license for regulatory coverage
Phantom becomes a money app…say hello to Phantom Cash!
- Phantom launched Phantom Cash, turning its crypto wallet into a multiuse money app.
- Users can spend via Visa through Apple Pay or Google Pay, backed by the CASH stablecoin issued via Bridge.
- Stablecoins minted through Open Issuance are interoperable, cutting transaction costs.
Paxos and Aleo partner to launch privacy-focused U.S. stablecoin - Paxos Labs and the Aleo Network Foundation will issue USAD, a U.S. dollar-backed stablecoin.
Sui blockchain to host new stablecoins backed by Ethena and BlackRock - Sui will introduce USDi (backed 1:1 by BlackRock’s BUIDL) and suiUSDe (mirroring Ethena’s $14B USDe).
Solstice Finance launches USX stablecoin and YieldVault on Solana - Solstice introduced USX, a stablecoin backed 1:1 by verified collateral using Chainlink proofs.
Notabene launches compliance network for regulated stablecoin payments - Notabene’s new platform adds payment authorization, invoicing, and dispute resolution for stablecoin transfers.
Sky launches Keel with $2.5B plan to expand Solana DeFi and RWAs - Keel will direct $2.5 billion in capital across Solana’s DeFi and real-world asset ecosystem. The project receives allocations from Sky’s USDS reserves and acts as an on-chain capital allocator.
Andre Cronje’s Flying Tulip raises $200M at $1B valuation - The project raised $200 million at a $1 billion token valuation, with plans for another $800 million public sale.
