Opens in a new tab
Subscribe

Uncategorized

GENIUS Act implementation, tracked rule by rule

A live tracker of GENIUS Act rules and deadlines.

By Adam DiCristina · 16 Oct 2026

GENIUS Act implementation
Market data · Last updated10:22 ET
Supply$306.0B1.0%30D
USDT$183B0.1%
USDC$73B1.4%
USDe$4.7B0.1%
PYUSD$2.8B0.5%
USD1$4.1B6.5%
RLUSD$2.4B1.8%

Latest News

All news

Uncategorized

By Adam DiCristina · 16 Oct 2026

GENIUS Act implementation, tracked rule by rule

A live tracker of GENIUS Act rules and deadlines.

Cards

By Adam DiCristina · 14 Oct 2026

KYC gaps in stablecoin card programs, and how banks are closing them

Stablecoin card KYC fails when identity data stops moving.

Cards

By Adam DiCristina · 12 Oct 2026

Stablecoin-backed credit cards test crypto collateral as a credit line

Stablecoin collateral turns familiar secured cards into digital-asset credit.

Payments

By Adam DiCristina · 09 Oct 2026

How Visa and Mastercard settle in stablecoins, side by side

Visa and Mastercard take different paths to stablecoin settlement.

Stablecoins

By Adam DiCristina · 06 Oct 2026

Why US banks are splitting between tokenized deposits and stablecoins

Banks are choosing reach or retaining the deposit.

Stablecoins

By Adam DiCristina · 02 Oct 2026

The 2026 stablecoin deal ledger

The deals reshaping stablecoin payment infrastructure in 2026.

Cards

By Adam DiCristina · 30 Sep 2026

Where the yield ban leaves stablecoin card rewards

Cashback survives, but balance-linked rewards face scrutiny.

Payments

By Adam DiCristina · 24 Sep 2026

Brazil shuts stablecoins out of cross-border eFX settlement on October 1

Brazil reroutes stablecoin settlement through licensed channels.

Cards

By Adam DiCristina · 22 Sep 2026

Western Union and MoneyGram turn remittances into stablecoin cards

Stablecoin cards let remittance companies own what happens next.

MARKET STRUCTURE

Two issuers hold 83.7% of the market

Tether’s USDT holds $183.5B and Circle’s USDC $72.6B. Between them that is 83.7% of all stablecoin supply, a concentration that has barely moved in three years despite more than forty new entrants.

The rest is a long tail: PayPal’s PYUSD, First Digital’s FDUSD, and a growing set of bank-issued tokens that together hold under $49.9B.

Share by supply. Source: DefiLlama, as of {current_date: d M Y}.

ColourSymbolIssuerSupplyShare
USDTTether$183.5B
USDCCircle$72.6B
USDeEthena$4.7B
PYUSDPayPal$2.8B
Other320+ issuers$42.4B

Categories

Three categories, one ecosystem

Close-up of a hand holding a blue stable card with a calculator in the background.
Cards
Card launches, issuers, networks, wallets, rewards, and the programs behind them.
  • visa

  • mastercard

  • issuers

  • rewards

Close-up of a person using a mobile payment app on a smartphone at a card reader.
Payments
Settlement, cross-border flows, remittances, and the rails underneath them.
  • Settlement

  • cross-border

  • stripe

  • brazil

Person analyzing stock charts on smartphone for trading insights.
Stablecoins
USDC, USDT, PYUSD and the rest: supply, adoption, issuers, and regulation.
  • Settlement

  • cross-border

  • stripe

  • brazil

explainers

Frequently asked questions

It depends on the charter. Issuers may sit with a state banking regulator – most often New York’s DFS — with the OCC under a national trust charter, or outside the US entirely. Pending federal legislation would set reserve, audit and redemption requirements at the national level.

For cross-border settlement, usually yes – the saving comes from removing correspondent banking hops and pre-funded accounts, not from the card transaction itself. For domestic consumer payments the interchange economics are largely unchanged, which is why most card programs still depend on interchange revenue.

Tether’s USDT and Circle’s USDC, at roughly $189bn and $75bn – together about 86% of all supply. PayPal’s PYUSD, First Digital’s FDUSD and a set of bank-issued tokens make up most of the remainder.

A payment card that draws on a stablecoin balance instead of a bank account. The card itself runs on existing Visa or Mastercard rails; what changes is the funding source and, increasingly, the settlement currency between the issuer and the network.

Yes. Programs from Coinbase, Crypto.com and a growing set of fintechs convert USDC to local currency at the point of sale, so the merchant is paid in euro or dollars and the balance is drawn from your stablecoin holdings. The conversion happens inside the issuer’s stack, which is why the merchant sees an ordinary Visa or Mastercard transaction.

Stablecard Newsletter

Get updates about stablecoins, cards, and the payment infrastructure being rebuilt around them.