The Stablecoin Boom: Is Circle’s USDC Going to Take Over the World? JPMorgan Thinks So!

by

Markets

What to know:

  • JPMorgan says the stablecoin market is on fire, growing 42% this year thanks to the GENIUS Act. (GENIUS. We get it.)
  • Circle’s USDC market cap is now a whopping $74 billion, and it’s creeping up on Tether’s dominance. Bye bye, Tether!

Apparently, the stablecoin market is the rockstar of crypto right now. According to JPMorgan, the market has grown by a jaw-dropping 42% this year alone. And no, that’s not a typo. All of this is thanks to some wizardry known as the GENIUS Act, which *allegedly* kicked things into high gear.

At a market cap of nearly $300 billion (yes, billion with a B), stablecoins have outpaced the broader crypto market, which grew only 21%. Yes, you read that right-stablecoins are basically the overachiever in this class of digital assets.

Now, let’s talk numbers. Stablecoins make up 7.5% of the $3.8 trillion total crypto market cap and about 1.3% of the U.S. M2 money supply. Can we get a round of applause for stablecoins? They’re moving on up!

Since the GENIUS Act was passed on July 18, stablecoin market cap has shot up 19%. Yes, 19%! Apparently, regulation isn’t the worst thing that’s ever happened. Who knew?

The true winner in all this appears to be Circle’s USDC. After taking a little nap earlier this year, its market cap has surged. In the third quarter alone, it grew from $61.5 billion to $73.7 billion-hello, growth spurt! USDC now owns a 25.5% share of the stablecoin market, which is a pretty big deal.

On the flip side, Tether (USDT) is having a rough year. Their dominance dropped from 67.5% to 60.4%. Ouch. You’ve been dethroned, my friend. But fear not, Tether fans, you’re still around-but just a little less popular.

Meanwhile, there’s this shiny new player, Ethena’s USDe, which has crept up to $14.4 billion and is now holding a solid 5% share of the market. Look out, people, this game’s getting crowded!

For years, it was just USDT and USDC, locked in an eternal duel for the title of Dollar Stablecoin King. But now, USDC is on the rise, eating into Tether’s market share. It now controls nearly 30% of the two coins’ combined share. How’s that for a power shift?

And the GENIUS Act? Oh, it might just be tipping the scales even further in favor of Circle. Who’s going to win in the long run? Only time will tell. But hey, a more fragmented market could open doors for platforms like Bullish (BLSH) that cater to stablecoin issuers. Who doesn’t love some healthy competition?

In conclusion, folks, Circle is coming for the throne. Whether they’ll take it or just keep trying is yet to be seen. But one thing’s for sure: the stablecoin market just got a whole lot more interesting.

P.S. Bullish owns CoinDesk. So yeah, we’re all connected, apparently.

Read More

2025-09-30 17:07