Banking Regulator Races to Finalize GENIUS Act Stablecoin Rules

OCC Comptroller Jonathan Gould told the Wyoming Blockchain Symposium the agency is moving at a rapid pace to beat a January statutory deadline, after already missing an earlier July target.

The top 3

  1. Tether (USDT): Market Leader with Broad Adoption: Tether (USDT) maintains its position as the largest stablecoin, with a market cap of approximately $183-190 billion and around 60% market dominance as of early to mid-2026, backed by reserves including US Treasury Bills and cash equivalents.
  2. USD Coin (USDC): Compliance-Focused Growth: USD Coin (USDC), issued by Circle, is the second-largest stablecoin with a market cap of approximately $71-78 billion in mid-2026, known for its focus on regulatory compliance and being fully backed by cash and short-term US Treasuries.
  3. Ethena USDe: Emerging Synthetic Dollar: Ethena USDe has rapidly grown to become the third-largest stablecoin with a market capitalization exceeding $3.8-6 billion in early to mid-2026, distinguishing itself as a yield-bearing synthetic dollar backed by crypto collateral and hedged positions.

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