From $14B Mirage to $300B Reality: The Rise of the Regulated Stablecoin
Explore the shift from memecoin speculation to stablecoin utility. Following the GENIUS Act, the stablecoin market has grown to $300B, attracting giants like Visa and Mastercard.
The memecoin gold rush just hit a wall. Donald Trump’s own cryptocurrency, which peaked at $14 billion, has cratered to roughly $1 billion. As speculative bubbles burst, the crypto industry is pivoting toward a more boring, yet far more valuable asset: the stablecoin.
The GENIUS Act: Changing the Rules of the Game
The wild west days of crypto are fading. In July 2024, the US House passed the GENIUS Act, the nation's first crypto-specific legislation. This law forces issuers to back their coins one-to-one with low-risk assets like government bonds. According to WIRED, this regulatory clarity has triggered a massive capital shift.
While Pump.Fun—the memecoin launchpad—saw its revenue drop to a tenth of its January peak, stablecoins are thriving. The total value in circulation has jumped from $250 billion to over $300 billion since the act’s passing. Treasury Secretary Scott Bessent predicts the market could eventually reach $2 trillion.
Traditional Finance Joins the Fray
Wall Street isn't sitting on the sidelines. Visa told Reuters that the GENIUS Act changed everything, allowing them to pilot cross-border payments using stablecoins. Mastercard and Klarna have already launched their own initiatives, and a consortium of banks including Bank of America is exploring a joint coin.
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