Stablecoins to Drive US Dollar Demand as Market Surpasses $250 Billion

White House cryptocurrency czar David Sacks predicts stablecoins will significantly boost demand for the US dollar, citing Citi projections of a $3.7 trillion market by 2030. The sector has already achieved a historic milestone with total supply exceeding $250 billion for the first time.

Regulatory momentum builds as the GENIUS Act clears the US Senate with strong bipartisan support (68-30 vote), mandating full reserve backing and AML compliance. The legislation now moves to the House, with potential presidential approval before August recess.

Tether and Circle maintain their stranglehold on the market, collectively controlling 86% of outstanding supply. Meanwhile, yield-bearing stablecoins demonstrate explosive growth, with Ethena's $6 billion ascent since launch highlighting this emerging trend.