The US GENIUS Act, signed into law on July 19, 2025, catalyzed a historic surge in stablecoin transactions, with July's on-chain volume reaching $1.5 trillion – a 19% monthly increase from June's $1.26T and surpassing the previous all-time high of $1.4T set in August 2024. Sentora Research data reveals Circle's USDC dominated the market with $748 billion (nearly 50% share), followed by Tether's USDT at $420 billion (28%) and MakerDAO's DAI at $261 billion.
The legislation established federal oversight and reserve requirements for stablecoins, easing regulatory uncertainty that previously deterred institutional adoption. Major firms including JPMorgan and Meta are now exploring stablecoin integration for cross-border payments. Concurrently, Bitcoin's rally to $123,000 and Ethereum's approach to $4,000 prompted investors to park profits in stable assets, further fueling volume. The stablecoin market cap now exceeds $278 billion, with analysts anticipating spillover benefits for Ethereum-based altcoins as capital rotates from stable assets.
