Stablecoin supply has grown to around $280 billion after the United States enacted the GENIUS Act in July.

Those two tracks, policy and distribution, frame the question in front of the market: Can supply continue to grow from $280 billion to $500 billion by late 2026?

Treasury has now opened a public comment window to develop the rulebook. The request for comment, mandated by the Guiding and Establishing National Innovation for U.S. Stablecoins Act, seeks input on supervision, reserves, disclosure, and illicit finance controls.

Bank trade groups are pressing lawmakers to close a perceived yield channel through exchanges, since the statute bars issuers from paying interest directly to holders. This change would shape product design and user incentives if adopted.

Per The Verge, X plans to debut X Money this year with Visa. That creates a payments on-ramp that could carry dollars over crypto settlement if stablecoins are added later, aligning mainstream UX with regulated issuance.

DefiLlama currently places the stablecoin float near $282 billion, and Sentora data shows July on-chain settlement above $1.5 trillion, a new monthly high that points to throughput at scale even before consumer distribution expands. Over the past seven days, the total stablecoin market cap has grown by $6.5 billion, which is a 2.3% overall increase.

Reserve composition links this growth path to the Treasury market. Tether’s Q2 attestation shows about $127 billion in U.S. Treasury bills and a quarterly profit of $4.9 billion, which makes stablecoin reserves a material buyer of short-dated paper.

A larger outstanding float would channel more demand to bills and repos during a period of heavy issuance, a point the Go to Source to See Full Article
Author: Liam ‘Akiba’ Wright