Stablecoins have seen substantial development since President Donald Trump signed the “GENIUS Act,” a stablecoin regulatory invoice, into regulation on June 17.
Cash tracked by DefiLlama have seen their collective market capitalization increase from roughly $251 billion to roughly $268 billion.
This development 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 development.
Learn extra: ANALYSIS: Mapping Donald Trump’s growing crypto empire
Amongst the prime cash, the one which’s seen the largest relative improve 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 in every of the crypto companies that the president earnings from, invested in Falcon Finance.
The coin that’s seen the second largest relative improve is Ethena, a so-called “artificial” stablecoin, that WLF additionally invested in.
Learn extra: World Liberty Financial claims no relationship with $TRUMP firm
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 as the forex alternative 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 development 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 different stablecoins.
The expansion of a few of these stablecoins raises vital questions on the president benefiting from modifications to rules that he superior and signed comparable to the GENIUS Act.
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