The stablecoin market has undergone significant changes in recent years, transforming from a niche trading tool to a mainstream payment infrastructure.
According to data, regulatory clarity has played a crucial role in accelerating market growth. In the United States, the GENIUS Act brought federal-level framework for stablecoin issuance, leading to increased trading volumes and institutional participation.
In Europe, the Markets in Crypto-Assets Regulation (MiCA) has created a persistent market for non-dollar stablecoins, with trading volumes stabilizing above baseline levels after implementation.
The trend of localization is also evident, with domestic transactions accounting for nearly three-quarters of payment volume by early 2026. While dollar-backed stablecoins remain dominant, non-dollar variants such as euro-backed and Brazilian real-backed local currency stablecoins are gaining traction.