US GENIUS Act sparks stablecoin increase with document $1.5 trillion transaction quantity in July
The entire on-chain stablecoin transaction quantity surged to a brand new all-time excessive of $1.5 trillion in July, marking a major milestone within the sector.
In response to Sentora’s (previously IntoTheBlock) information, this determine represents a pointy improve from the $1.26 trillion processed in June and surpasses the earlier excessive seen in August 2024, when volumes topped $1.4 trillion.
In the meantime, a better take a look at the July numbers revealed that Circle’s USDC dominated the stablecoin market, accounting for almost 50% of the overall quantity. USDC transactions reached roughly $748 billion in July.
In the meantime, Tether’s USDT, the most important stablecoin by circulating provide, adopted with a quantity of $420 billion. The decentralized DAI stablecoin secured the third spot with $261 billion in transactions.
Why stablecoin quantity rose in July
The outstanding improve in stablecoins’ on-chain quantity could be attributed to a number of elements, together with Bitcoin and Ethereum’s document performances in July.
Final month, Bitcoin value rose to a brand new all-time excessive of over $123,000 whereas ETH’s value additionally approached the $4000 threshold.
The value efficiency of those belongings sparked important on-chain exercise from buyers, who invested their earnings in non-volatile digital belongings like USDT and USDC.
As well as, the stablecoin trade noticed the approval of its first main invoice within the US, which helped clear the regulatory uncertainty within the sector.
The GENIUS Act, signed into regulation on July 19, established clear tips for stablecoins and digital asset-backed monetary merchandise. The brand new laws embody reserve necessities and oversight by the Federal Reserve, that are more likely to foster higher belief and stability within the sector.
Consequently, outstanding monetary establishments like JPMorgan and different prime international firms like Meta have been exploring using stablecoins for cross-border transactions and different monetary companies, which additional legitimizes the market.
With this clearer regulatory backdrop and surging adoption, stablecoin market capitalization has climbed previous $278 billion, based on CryptoSlate’s information.
