Total market capitalization: $314.68B as of 21/06/2026 (382 issuers, DefiLlama), ~$323B at the May 2026 peak, with remarkable resilience during a -48% crypto bear market. Concentration: USDT $186.35B (59.22%) and USDC ~$77B = 83.02% of the market. USDC: +28% supply growth in Q1 2026, on-chain volume +263% to $21,500B.
The market processed >$33,000B in on-chain transactions in 2025, beyond Visa’s annual volume. US regulation (GENIUS Act, law of 18/07/2025): final OCC/Treasury rules targeted for 18/07/2026, full implementation January 2027; 1:1 reserve in cash/Treasuries, monthly third-party attestations, BSA financial institution status for issuers.
EU: MiCA applicable, distribution of unauthorized stablecoins prohibited for CASPs. Hong Kong: ordinance in effect since 01/08/2025, first two HKMA licenses in April 2026. CBDC, facts. Digital euro: the European Parliament voted its position at ~70%, trilogue started in July 2026; 36 PSPs selected for a 12-month pilot starting H2 2027 (launch September 2027), potential first issuance in 2029; bank investment cost estimated at €4-5.8B over four years (~3.4% of significant banks’ annual IT budget).
In parallel, the ECB is building Pontes (DLT bridge interoperable with Target Services, go-live end of 2026) and Appia (integrated European DLT capital markets, long term). Strategist reading. Two competing regimes: the American model privatizes issuance (regulated stablecoins = narrow banks); the European hybrid model keeps the central bank at the top (CBDC) while licensing private initiative (EMT/CASP). The billion-dollar point of attention: the “2 to 4 issuers” consolidation anticipated by nearly all 2026 forecasts concentrates rail risk, for any RWA portfolio whose yield is paid in stablecoins, the choice of issuer is a counterparty risk decision, hence the value of continuous scoring like SSSI. Banking analyst projections: $1,000-2,000B addressable stablecoin market by 2030 if GENIUS↔MiCA interoperability is achieved.
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