Stablecoins Hit Record $230B, Will the US Bill Boost or Break the Momentum?
- Stablecoins hit a record market capitalization of $230 billion recently.
- US House Committee has advanced a bill to regulate stablecoins with bipartisan support.
Trumps re-election in 2024 triggered a bull run in the crypto market by the end of the year. Even though the market couldnt sustain the rally in 2025, the new US administration has been taking several initiatives for crypto regulation and adoption. US leaders have expressed their interest in stablecoin regulation multiple times and are finally advancing its bill.
The crypto market is still trading with an overall market cap in the $2.7 trillion range. While Bitcoin continues to trade at a $84K price level, Ether is stuck below $2,000 today. The crypto fear and greed index records 27, which implies fear market sentiment. However, the stablecoin market hit a record market capitalization of over $230 billion.
The present stablecoin market capitalization is $231.156 billion with a 0.86% rise in the last week, as per DefiLlama. Being the top stablecoin, USDT records 62.36% dominance over the stablecoin market with $144.14 billion. USDC and USDe follow the lead with $59.64 billion and $5.389 billion.
US House Committee Advances Bill to Regulate Stablecoins
As per a recent Bloomberg report, the US Financial Services Committee is planning to consider the stablecoin regulation bill on April 2. This has been the priority of President Trump since his election. He highlighted the same in his recent speech on Thursday.
Trump mentioned his plans to push US dollar-pegged stablecoin regulation so that the dollars global dominance increases. Previously, White House AI & Crypto Czar David Sacks also mentioned the same, emphasizing stablecoins can help with US debt by fostering US treasuries.
The Senate Banking Committee voted to advance the GENIUS Act on March 13, after revising the US stablecoin bill. This proposal focuses on bringing a clear regulatory framework for stablecoins, including AML measures and enforcement of a 1:1 peg to USD.
Even though the bill gained bipartisan support, some people are not on board with it. Some of the leaders such as Elizabeth Warren and Maxine Waters argue that the bill doesnt focus on consumer protection. However, we must wait till April 2 to see if the bill passes and further boosts the stablecoin market or will consider a few more revisions.
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Read more: https://thenewscrypto.com/stablecoins-hit-record-230b-will-the-us-bill-boost-or-break-the-momentum/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
