Stablecoins have seen substantial progress since President Donald Trump signed the “GENIUS Act,” a stablecoin regulatory invoice, into legislation on June 17.
Cash tracked by DefiLlama have seen their collective market capitalization enhance from roughly $251 billion to roughly $268 billion.
This progress has had each winners and losers, with some stablecoins which have deeper hyperlinks to Trump’s crypto empire seeing a disproportionate share of the general progress.
Among the many high cash, the one which’s seen the most important relative enhance in its market is the stablecoin issued by Falcon Finance.
This coin was based by Andrei Grachev, who has beforehand pleaded responsible to fraud in Russia.
World Liberty Monetary (WLF), one of many crypto companies that the president earnings from, invested in Falcon Finance.
The coin that’s seen the second largest relative enhance is Ethena, a so-called “synthetic” stablecoin, that WLF additionally invested in.
WLF’s personal stablecoin, USD1, has additionally seen its market capitalization barely lower, although it’s a novel case as a result of nearly all of its whole market capitalization resulted from it getting used because the foreign money selection for the $2 billion MGX funding in Binance.
The 2 largest stablecoins, USDT and USDC, issued by Tether and Circle respectively, have each continued to develop by billions, however their general progress fee has been slower than their crypto-collateralized counterparts.
PayPal USD has grown sooner than each USDT and USDC, however with a complete market capitalization of lower than $1 billion, it’s a distant competitor to the opposite stablecoins.
The expansion of a few of these stablecoins raises essential questions concerning the president cashing in on adjustments to laws that he superior and signed such because the GENIUS Act.
