Stablecoin Market Accelerates on U.S. Regulation, USDC Gains Market Share: JPMorgan
JPMorgan analysts report that the U.S. GENIUS Act has fueled a 42% year-to-date surge in the stablecoin market, with Circle’s USDC steadily gaining on Tether.
The total stablecoin market is approaching $300 billion, nearly double the 21% growth of the broader crypto ecosystem in 2025. Stablecoins now account for roughly 7.5% of the $3.8 trillion crypto market cap and about 1.3% of U.S. M2 money supply, up 35 basis points from the start of the year.
Since the GENIUS Act’s passage on July 18, stablecoins have grown 19%, highlighting the role of regulatory clarity in accelerating adoption. USDC has benefited the most, rising from $61.5 billion in June to $73.7 billion by late September, now holding 25.5% of the stablecoin market, up about 400 basis points year-to-date.
Tether (USDT) has seen its dominance decline from 67.5% to 60.4%, while Ethena’s synthetic stablecoin USDe has grown to $14.4 billion, capturing a 5% market share. The longstanding USDT-USDC duopoly is shifting: USDC now commands nearly 30% of their combined share, up from 24% earlier this year.
Analysts suggest that the GENIUS Act may continue to favor Circle, while a more fragmented market could benefit platforms like Bullish (BLSH), which provide liquidity across multiple stablecoin issuers.
