Stablecoin Market Surpasses $250 Billion: What's Next for the Industry
Date: 2025-06-02 Author: Henry Casey Categories: CRYPTO PAYMENTS
As of June 2, the total market value of stablecoins was $251.4 billion, according to CoinMarketCap. Of this amount, more than $245 billion is accounted for by tokens pegged to the US dollar. Tether's USDT still holds the leading position with a market cap of over $153 billion. Circle's USDC follows with $60.9 billion and Ethena USDe with $5.5 billion.
Kronos Research CEO Hank Huang said that surpassing the $250 billion mark was a turning point: stablecoins have ceased to be a niche phenomenon and have become an important element of financial infrastructure. According to his forecast, the market size could double by 2026.
Experts say that one of the key factors for such growth is the regulatory clarity brought to the United States by the GENIUS Act, recently approved by the Senate. This regulation sets strict requirements for stablecoins to be backed by US dollar reserves and short-term Treasury securities, and also obliges issuers to publish reports and undergo audits.
After the GENIUS Act finally comes into force, analysts, including specialists from Standard Chartered, predict a significant expansion of the market. According to their estimates, the capitalization of stablecoins may reach $2 trillion by the end of 2028.
Hong Kong is not far behind: on May 21, the region adopted its own bill regulating the activities of fiat stablecoin issuers, including mandatory licensing.
According to Huang, the changing regulatory environment opens the way for new issuers. The dominance of giants such as USDT and USDC may be called into question. Among the promising players are USD1, backed by the administration of President Donald Trump, as well as stablecoins issued by major banks.
World Liberty Financial (WLF), a project associated with the Trump family, launched USD1 in April. Its current market cap is $2.17 billion, which puts it in fifth place globally.
However, the promotion of USD1 has been accompanied by political controversy. Democratic senators are pushing for an investigation into possible conflicts of interest, suspecting that the project could be used to provide access to the Trump administration. The White House denies any wrongdoing.
