The bank-issued and GENIUS Act-compliant stablecoin entrants have had a harder start than many expected.

The stablecoin market cap hit $323.3B as USDT leads, Sky’s USDS nears $10B, and Western Union's USDPT posts explosive growth.

The bank-issued and GENIUS Act-compliant stablecoin entrants have had a harder start than many expected.

Tether's USDT captures over 58% of the stablecoin market as total supply surpasses $300B in 2025, while bank-backed and GENIUS Act-compliant rivals struggle.

Non-dollar stablecoins hold just 0.2% of total stablecoin market share as USD-pegged tokens like USDT and USDC dominate over 95% of the market.