Stablecoin Growth Surges Past $308B Amid GENIUS Act and SVB Fallout

The market capitalization of U.S. dollar stablecoins has grown significantly since April 2025, increasing by $71 billion (30 percent) to around $308 billion recently.

This growth coincides with the passage of the GENIUS Act in July 2025, which established a federal regulatory framework for payment stablecoins.

The two largest issuers, Tether (USDT) and USDC, account for over 80 percent of industry assets. However, their reserve compositions differ: USDC's reserves primarily consist of cash and short-term U.S. government securities, whereas USDT holds corporate bonds, gold bars, Bitcoin, secured loans, and other investments.

A recent study examined the impact of non-crypto shocks on stablecoins. The researchers used Silicon Valley Bank (SVB) failure in March 2023 as a case study, analyzing its effects on USD Coin (USDC), the second-largest stablecoin by market capitalization.