Stablecoin market cap reaches $315.8 billion on 12 June 2026, according to DefiLlama, after the sector posted an $8 billion quarterly increase in Q1 2026 despite a contraction in the broader crypto market.
Regulatory Landscape
The European Union’s Markets in Crypto‑Assets Regulation (MiCA) entered full force in December 2024, while the United States enacted the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) on 18 July 2025. Together, these two frameworks impose reserve, licensing, and supervisory duties on stablecoin issuers operating in the world’s two largest financial jurisdictions.
Reserve Requirement Divergence
Under the GENIUS Act, eligible reserve assets are limited to three categories: cash denominated in U.S. dollars, U.S. Treasury securities that mature in 93 days or less, and overnight repurchase agreements