---
title: "Stablecoins & the GENIUS Act"
slug: stablecoins-regulation
type: data-index
sector: crypto
canonical_url: https://deepstoryresearch.com/data/stablecoins-regulation
series: [market_cap, issuer_share, transfer_volume, genius_timeline, reserve_composition]
series_count: 5
data_point_count: 13
data_as_of: 2026-06
source_quality: curated_snapshot
tier: free
generated_at: 2026-08-11
---

# Stablecoins & the GENIUS Act
_Market cap, issuer share, transfer volume, the GENIUS Act & reserves_

> Deepstory Research context file · **Free tier** · <https://deepstoryresearch.com/data/stablecoins-regulation>
> Self-contained AI briefing. Drop into an LLM window or RAG pipeline.

## AI research use contract

- Treat this file as source-grounded context, not a live database. Quote `source_ref` and `data_as_of` when using numbers.
- Separate `FACT`, `ESTIMATE`, `FORECAST`, `TARGET`, and `INFERENCE`. If a row basis is unclear, say it is unclear.
- Prefer T1/T2 sources for hard facts; use T3/T4 sources as context that should be checked before money, legal, medical, operational, or policy decisions.
- Keep answer structure clean: first say what the data says, then what you infer, then what would change the conclusion.

## Research upgrade checklist

- Separate total transfer volume from organic payment volume and exchange/bot activity in the tables.
- Add reserve maturity, custodian, audit-vs-attestation status, and jurisdiction per issuer.
- Track GENIUS Act rulemaking milestones with absolute dates and implementation status.
- Add a Treasury-market impact prompt that estimates T-bill demand under market-share scenarios.

## TL;DR — index summary

Stablecoins hit ~$200B in supply by end-2024 (USDT ~$140B, USDC ~$44B) and moved ~$27.6T in 2024 — more than Visa's ~$15.7T — though ~70% of that volume is bot/exchange activity, not organic payments. The GENIUS Act (enacted Jul 18 2025) is the regime change: it puts reserve-backing (Tether reports ~80% US Treasuries) on a legal footing. The five series separate the size, the concentration, the real usage, the rules, and the backing.

## What this index covers

Five series: total stablecoin market cap by quarter, issuer share, transfer volume vs card networks, the GENIUS Act regulatory timeline, and reserve composition by issuer.

**Series in this index:**

- `market_cap` — Total stablecoin supply by quarter, split by issuer.
- `issuer_share` — Share of supply by issuer.
- `transfer_volume` — Stablecoin transfer volume vs Visa/Mastercard.
- `genius_timeline` — Days-from-today to each GENIUS Act milestone.
- `reserve_composition` — Reserve backing by issuer (cash / Treasuries / other).

**Entities tracked:** Tether (USDT), Circle (USDC), the GENIUS Act, US Treasuries (as reserves), Visa/Mastercard (comparators).

## Key findings

- Total supply ~$200B end-2024 — USDT ~$140B, USDC ~$44B (defillama-stables).
- USDT ~70% share, USDC ~22%, others ~8% (defillama-stables).
- Stablecoins moved ~$27.6T in 2024 vs Visa ~$15.7T — but ~70% is bot/exchange activity, not organic payments (cryptoslate-volume).
- GENIUS Act signed into law Jul 18 2025 (S.1582) (genius-act-text).
- Tether reserves ~80% US Treasuries (Q4 2025 BDO attestation) (issuer-attestations).

## Evidence basis map

The free tables above show `source_ref` but not the row-level `value_basis`. This section mirrors the visible rows only, so AI tools can separate observed values from estimates, forecasts, targets, and derived values.

| series | row | source_ref | value_basis |
| --- | --- | --- | --- |
| market_cap | quarter=2024-Q4; usdt=140; usdc=44; others=16 | defillama-stables | Total ~$200B end-2024 (DefiLlama/CoinGecko); USDT ~$140B, USDC ~$44B, others by deduction |
| market_cap | quarter=2025-Q3; usdt=175; usdc=73; others=36 | coingecko-stables | Total ~$284B Sep 2025 (record); USDT ~$175B, USDC ~$73B, others by deduction |
| market_cap | quarter=2026-Q2; usdt=188; usdc=78; others=57 | defillama-stables | Topics_Content/07_New_Trending_Topics_2026.md §1.5 — total ~$323B May 2026; USDT ~$188B, USDC ~$78B, others by deduction |
| issuer_share | quarter=2024-Q4; usdt_pct=0.7; usdc_pct=0.22; others_pct=0.08 | defillama-stables | Shares from $140B / $44B / $16B of $200B (end-2024) |
| issuer_share | quarter=2025-Q3; usdt_pct=0.616; usdc_pct=0.257; others_pct=0.127 | coingecko-stables | Shares from $175B / $73B / $36B of $284B (Sep 2025) |
| issuer_share | quarter=2026-Q2; usdt_pct=0.582; usdc_pct=0.241; others_pct=0.177 | defillama-stables | Topics_Content/07_New_Trending_Topics_2026.md §1.5 — shares from $188B / $78B / $57B of $323B (May 2026) |
| transfer_volume | month=2024; stablecoins=27.6; visa=15.7; mastercard=9.8 | cryptoslate-volume | 2024 stablecoin transfer ~$27.6T vs Visa ~$15.7T, Mastercard ~$9.8T (CryptoSlate/Visual Capitalist). Note: ~70% of stablecoin volume is bot/exchange activity, not organic payments. |
| genius_timeline | milestone=Enacted (Jul 18 2025); days_from_today=-333 | genius-act-text | GENIUS Act signed into law Jul 18 2025 (S.1582) |
| genius_timeline | milestone=FinCEN/OFAC comment close (Jun 9 2026); days_from_today=-7 | morgan-lewis-genius | Comment deadline for FinCEN/OFAC proposals, Jun 9 2026 |
| genius_timeline | milestone=1-year rulemaking (Jul 18 2026); days_from_today=32 | morgan-lewis-genius | Several implementing rules due one year after enactment, Jul 18 2026 |
| genius_timeline | milestone=Effective (Jan 18 2027); days_from_today=216 | genius-act-text | Effective 18 months after enactment (or 120 days after final rules), ~Jan 18 2027 |
| reserve_composition | issuer=Tether (USDT); cash_pct=0.05; treasury_pct=0.8; other_pct=0.15 | issuer-attestations | Tether Q4 2025 attestation (BDO): ~80% US Treasuries; remainder repo/cash/gold/BTC/loans |
| reserve_composition | issuer=Circle (USDC); cash_pct=0.12; treasury_pct=0.45; other_pct=0.43 | circle-reserves | Circle May 2025 disclosure: ~12% cash, ~45% T-bills, ~43% repos (Circle Reserve Fund, BlackRock) |

## The series (per-chart briefings)

### Market cap — stacked area
**Direct answer:** Total stablecoin supply by quarter, split by issuer.
**Time bracket:** quarterly

| quarter | usdt | usdc | others | source_ref |
| --- | --- | --- | --- | --- |
| 2024-Q4 | 140 | 44 | 16 | defillama-stables |
| 2025-Q3 | 175 | 73 | 36 | coingecko-stables |
| 2026-Q2 | 188 | 78 | 57 | defillama-stables |

**Read:** Growth is real and concentrated in two names.

### Issuer share — stacked bar
**Direct answer:** Share of supply by issuer.
**Time bracket:** quarterly

| quarter | usdt_pct | usdc_pct | others_pct | source_ref |
| --- | --- | --- | --- | --- |
| 2024-Q4 | 0.7 | 0.22 | 0.08 | defillama-stables |
| 2025-Q3 | 0.616 | 0.257 | 0.127 | coingecko-stables |
| 2026-Q2 | 0.582 | 0.241 | 0.177 | defillama-stables |

**Read:** A duopoly — USDT dominant, USDC second.

### Transfer volume — bar
**Direct answer:** Stablecoin transfer volume vs Visa/Mastercard.
**Time bracket:** annual

| month | stablecoins | visa | mastercard | source_ref |
| --- | --- | --- | --- | --- |
| 2024 | 27.6 | 15.7 | 9.8 | cryptoslate-volume |

**Read:** Headline volume exceeds card networks — but read the caveat.
**Caveat:** ~70% of stablecoin volume is bot/exchange activity, not organic payments — the raw comparison overstates real usage.

### GENIUS Act timeline — timeline
**Direct answer:** Days-from-today to each GENIUS Act milestone.
**Time bracket:** dated milestones

| milestone | days_from_today | source_ref |
| --- | --- | --- |
| Enacted (Jul 18 2025) | -333 | genius-act-text |
| FinCEN/OFAC comment close (Jun 9 2026) | -7 | morgan-lewis-genius |
| 1-year rulemaking (Jul 18 2026) | 32 | morgan-lewis-genius |
| Effective (Jan 18 2027) | 216 | genius-act-text |

**Read:** The regulatory clock the whole market now runs on.

### Reserve composition — stacked bar
**Direct answer:** Reserve backing by issuer (cash / Treasuries / other).
**Time bracket:** snapshot

| issuer | cash_pct | treasury_pct | other_pct | source_ref |
| --- | --- | --- | --- | --- |
| Tether (USDT) | 0.05 | 0.8 | 0.15 | issuer-attestations |
| Circle (USDC) | 0.12 | 0.45 | 0.43 | circle-reserves |

**Read:** Treasuries dominate backing — the point of contact with US debt markets.

## Cross-series synthesis — why this matters

The five series describe a market being institutionalised. Size (market_cap) and concentration (issuer_share) show a two-name duopoly; the GENIUS Act (genius_timeline) puts reserve rules on that duopoly; and reserve_composition shows the consequence — issuers are now large, structural holders of US Treasuries. The transfer_volume series is the trap: the headline "bigger than Visa" number is real but ~70% wash/bot activity, so it measures plumbing, not adoption.

## Entities & relationships

| Entity | What they do | Key stat | Relationship |
| --- | --- | --- | --- |
| Tether (USDT) | Largest stablecoin issuer | ~$140B, ~70% share; ~80% Treasuries | Dominant; largest crypto-side Treasury holder |
| Circle (USDC) | Second issuer | ~$44B, ~22% share | Regulated-first challenger to Tether |
| GENIUS Act | US stablecoin statute | Enacted Jul 18 2025 | Sets reserve/disclosure rules for issuers |
| US Treasuries | Dominant reserve asset | ~80% of Tether backing | Links stablecoins to US debt markets |
| Visa / Mastercard | Card-network comparators | $15.7T / $9.8T (2024) | Benchmark for the volume series |

## Timeline of key events & decisions

- **2024-Q4** — Supply ~$200B (USDT $140B / USDC $44B) → the size baseline
- **2025-07-18** — GENIUS Act signed into law (S.1582) → the regime change the market now runs on
- **2025-Q4** — Tether attestation: ~80% Treasuries → quantifies the stablecoin-to-Treasury linkage

## Cross-industry ripple

- **US Treasury market:** Large, growing stablecoin reserves become a structural source of T-bill demand.
- **Payments:** Regulated stablecoins pressure card-network and cross-border rails — once wash volume is stripped out. _(inference)_
- **Banking:** GENIUS-compliant issuance blurs the line between issuers and narrow banks. _(inference)_

## Non-obvious reads (interpretation)

_This section is interpretation, not sourced fact — each item names the observation it is built on and a confidence level._

- **Observation:** Transfer volume exceeds Visa, but ~70% is bots/exchanges.
  **Read:** The genuinely comparable "payments" number is a small fraction of the headline — so stablecoins' real disruption is in settlement/reserves (Treasuries), not yet in consumer payments. _(confidence: high)_

## Glossary / key terms

- **Stablecoin** — A token pegged to a fiat value (usually USD), backed by reserves.
- **USDT / USDC** — Tether and Circle's dollar stablecoins — the duopoly.
- **GENIUS Act** — The 2025 US law setting reserve and disclosure rules for stablecoin issuers.
- **Attestation** — An auditor's report on reserve holdings (not a full audit).
- **Wash / bot volume** — Automated or non-economic transfers that inflate raw volume figures.

## How to use this with AI

Paste this file into an LLM context window (or a RAG store) and ask cross-series questions. The tables carry a `source_ref` per row; the source registry below maps each ref to a named source and a trust tier.

### Suggested prompts (multi-series)

```text
Using transfer_volume and its caveat, build the honest case for and against "stablecoins are bigger than Visa."
```

```text
From reserve_composition and market_cap, estimate the direction of stablecoin demand for US Treasuries and why it matters.
```

```text
Summarise the GENIUS Act timeline and what each milestone changes for issuers.
```

## Sources & trust

| ref | source | trust tier | url |
| --- | --- | --- | --- |
| defillama-stables | DefiLlama — Stablecoins | T4 · Aggregator / market-research vendor | https://defillama.com/stablecoins |
| coingecko-stables | CoinGecko — State of Stablecoins | T4 · Aggregator / market-research vendor | https://www.coingecko.com/research |
| issuer-attestations | Issuer Attestation Reports (Tether BDO, Circle Deloitte) | T2 · Primary filing / official body | https://tether.to/en/transparency/ |
| circle-reserves | Circle — USDC reserve reports | T2 · Primary filing / official body | https://www.circle.com/transparency |
| cryptoslate-volume | CryptoSlate / Visual Capitalist — transfer volume | T3 · Reputable press / research org / OWID | https://cryptoslate.com/ |
| fred-stl | FRED (Federal Reserve) | T1 · Government / regulator / central bank | https://fred.stlouisfed.org/ |
| genius-act-text | GENIUS Act — official text (S.1582) | T2 · Primary filing / official body | https://www.congress.gov/bill/119th-congress/senate-bill/1582/text |
| morgan-lewis-genius | Morgan Lewis / SSGA — GENIUS Act implementation | T3 · Reputable press / research org / OWID | https://www.morganlewis.com/ |

## Caveats & what this index cannot answer

- Organic vs wash volume precisely (only the ~70% non-organic caveat is sourced).
- Issuer solvency (attestations are not full audits).
- Estimates and forward targets are labelled in the working dataset; never read a labelled estimate or forecast as a settled figure.
- This is an observational data index, not investment, legal, or medical advice.

## Data freshness & methodology

- **Last updated:** 2026-08-11
- **Data as of:** 2026-06
- **What changed most recently:** GENIUS Act (enacted Jul 18 2025) now governs issuers; Tether attests ~80% Treasury backing (Q4 2025).

**Methodology (as seeded):**

> Source-backed values are seeded for all five charts: stablecoin market cap
> by issuer (2024 → 2026), issuer share over time, annual transfer volume vs
> card networks, the GENIUS Act compliance timeline, and reserve composition
> by issuer.
> 
> Every numeric point carries a sources[].ref and a value_basis. Totals are
> from DefiLlama and CoinGecko; per-issuer figures from issuer data, with the
> "others" bucket by deduction (labeled). Reserve splits are from Tether’s BDO
> attestation and Circle’s reserve disclosures.
> 
> CAVEAT: 2024 transfer volume (~$27.6T) exceeds Visa+Mastercard, but ~70% of
> stablecoin volume is bot/exchange activity rather than organic payments —
> noted on the chart’s value_basis. The GENIUS timeline is shown as days from
> 2026-06-16; each milestone’s absolute date is in its value_basis.
> 
> Re-verified 2026-06-15.

---

_Free tier. The full row-level dataset and per-source detail live on the live page and in the working file. Canonical: <https://deepstoryresearch.com/data/stablecoins-regulation>. Deepstory Research · https://deepstoryresearch.com_