New Crypto Legislation Boosts Stablecoin Industry
The recent passage of the Genius Act by Congress is set to rapidly expand the stablecoin industry, allowing not just financial services firms but also companies from various sectors like retail and tech to launch their own stablecoins. Currently, Tether and USDC, which account for 90% of the $250 billion stablecoin market, are positioned for growth as interest in stablecoins surges.
Major retailers, including Amazon and Walmart, are exploring the use of stablecoins to reduce credit card processing fees. In addition, financial services companies like Visa and Western Union are anticipated to adapt to a future where stablecoins play a central role in transactions, including cross-border remittances.
According to strategic insights, Ethereum currently leads with a 49% market share of stablecoins, while Tron holds 34.1%, reflecting a competitive landscape. This legislative change has generated optimism that could significantly influence investment strategies and reshape business models across industries.
