Stablecoin Market Surges to Record High
On September 24, the stablecoin market hit a new peak, soaring to $294.56 billion. This milestone, reported by DeFiLlama, reflects growing confidence in digital currencies.
Among the leaders, Tether’s USDT leads with a $173 billion market cap. It holds 58.7% of the market share. Tether aims for a $500 million valuation in a private placement, seeking $15 million to $20 million in fresh capital. USDC, issued by Circle, is also making waves.
USDC, issued by Circle, is rapidly gaining ground with a $14.4 billion market cap. Circle’s recent IPO was a huge success, with its stock price soaring over 120% on its debut day.
Regulatory support has been a key driver of stablecoin growth. The GENIUS Act,passed by Congress in July,has set clear rules for stablecoin issuance,encouraging traditional institutions to invest.The EU’s MiCA framework and the Bank of Italy’s call for clarity on cross-border stablecoins also signal a positive regulatory environment.
Some governments are even creating their own stablecoins. This move aims to prevent USD-denominated stablecoins from dominating the market. As a notable example, World Liberty Financial (WLF), co-founded by President Trump’s sons, launched the USD1 stablecoin, backed by U.S. Treasuries.
