The stablecoin supply has exceeded 250 billion USD for the first time, primarily dominated by Tether's USDT and Circle's USDC, which together account for 86% of the market share. More than 10 stablecoins have a circulating supply exceeding 100 million USD. The amount of U.S. Treasury bonds held within stablecoins exceeds 120 billion USD.

Key Events:

The market has experienced significant turbulence over the past four years, including the Terra (UST) collapse in May 2022 and the USDC depegging event in March 2023. However, the recent recovery of the digital asset market, the launch of spot crypto ETFs listed in the U.S. in 2024, and increased institutional investor interest driven by the Trump administration have accelerated the rapid growth of the stablecoin market.

Policy Developments:

The U.S. Senate passed the GENIUS Act with a vote of 68 to 30. President Trump has urged the House of Representatives to swiftly approve the bill, aiming to consolidate the U.S.'s leadership position in the digital asset sector. The bill could accelerate nationwide payment processing speeds but has also raised ethical and conflict-of-interest concerns among Democratic lawmakers, particularly regarding allegations that Trump and his family might profit through the USD1 stablecoin.

Potential Impacts:

If enacted, the bill will promote U.S. digital financial innovation and the development of the stablecoin market, but political divisions and ethical controversies may affect the legislative process. SoSoValue is mentioned in reports, reflecting its attention to this sector.