Stablecoins supply is up $192b over the last 2.5 years (now $333b).

Growth Trends

*    Transaction Volume: Global stablecoin transaction value jumped to
$1.78 trillion in early 2026, more than doubling from the previous year.
*    Real-World Use: Beyond trading, they are increasingly used for
cross-border remittances, real-time worker payments, and merchant
settlement.

The GENIUS Act prohibits issuers of stablecoins from sharing yield with the
holder of the stablecoin. That may be good for Circle and Tether's business
model. But it doesn't help the end crypto user.

Regulation (as structured) will benefit offshore "yield-bearing stablecoins"
such as Ethena's USDe.

USDS (Sky): Formerly known as Maker's stablecoin, it holds the third spot
with a market cap of around $11.82B.

$USDE $GHO 👻