U.S. Treasury Department proposes GENIUS Act stablecoin rule

The Treasury proposal would establish some of the core definitions and jurisdictions in the law Congress completed last year.

The top 3

  1. Tether (USDT): Market Leader's Dominance: Tether (USDT) holds the largest share of the stablecoin market, with a market cap of approximately $183 billion as of August 2026, representing about 59% of the total stablecoin market.
  2. USD Coin (USDC): Transparency and Institutional Adoption: USD Coin (USDC) is the second-largest stablecoin, with a market cap of approximately $71-72 billion as of August 2026, known for its transparency and growing use in traditional financial systems, including by Visa.
  3. Dai (DAI) and Other Emerging Stablecoins: Dai (DAI) ranks as the third-largest stablecoin by market capitalization, at approximately $4.5-5.4 billion, and is a prominent example of a decentralized, crypto-collateralized stablecoin.

Sources

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