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GENIUS Act implementation, tracked rule by rule

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All newsGENIUS Act implementation, tracked rule by rule
KYC gaps in stablecoin card programs, and how banks are closing them
Stablecoin-backed credit cards test crypto collateral as a credit line
How Visa and Mastercard settle in stablecoins, side by side
Why US banks are splitting between tokenized deposits and stablecoins
The 2026 stablecoin deal ledger
Where the yield ban leaves stablecoin card rewards
Brazil shuts stablecoins out of cross-border eFX settlement on October 1
Western Union and MoneyGram turn remittances into stablecoin cards
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}.
| Colour | Symbol | Issuer | Supply | Share |
|---|---|---|---|---|
| USDT | Tether | $183.5B | 60.0% | |
| USDC | Circle | $72.6B | 23.7% | |
| USDe | Ethena | $4.7B | 1.5% | |
| PYUSD | PayPal | $2.8B | 0.9% | |
| Other | 320+ issuers | $42.4B | 13.9% |
Categories
Three categories, one ecosystem

visa
mastercard
issuers
rewards

Settlement
cross-border
stripe
brazil

Settlement
cross-border
stripe
brazil
explainers
Frequently asked questions
Who regulates stablecoin issuers in the US?
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.
Are stablecoin payments cheaper than card rails?
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.
Which stablecoins have the largest supply?
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.
What is a stablecoin card?
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.
Can you spend USDC with a debit card?
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.











