Deutsche Bank reported Monday that stablecoins are nearing mainstream adoption this year, driven by the Trump administration's crypto legislation push.
Despite Senate resistance last week, progress on stablecoin regulation is still expected this year. Total stablecoin market cap has surged from $20 billion in 2020 to $246 billion currently, with Tether's USDT holding $150 billion.
Stablecoins power over two-thirds of crypto trading, offering speed and low-cost payments. With 83% pegged to the U.S. dollar, they reinforce dollar dominance, according to analysts Marion Laboure and Camilla Siazon.
The Genius Act, expected to pass in the coming months, could trigger a 10-fold increase in stablecoin supply, Standard Chartered reported last month.
This article is based on our author's analysis of materials taken from the following resource: CoinDesk.