Google searches for stablecoins reached an all-time peak in July following the passing of the GENIUS Act, the first clear US regulation for these tokens. Interest had last surged in May 2022 after the collapse of Terra's stablecoin.
Market capitalisation for stablecoins hit $272 billion, about 7% of the total crypto market. Almost all stablecoins are pegged to the US dollar, with Tether holding 60% of the supply. Analysts describe the growth as 'parabolic' due to rising issuance and transaction volumes.
Stablecoins are increasingly seen as a safe option amid crypto volatility and useful for cross-border payments. Many companies are launching their own stablecoins to meet investor demand while managing risks.
Experts suggest stablecoins could become the main gateway for billions entering the digital economy, combining regulatory clarity with blockchain's speed and convenience.
