- Stablecoins’ total market value rose from about $251 billion to $268 billion after the GENIUS Act was signed into law by President Donald Trump on June 17.
- Certain stablecoins with stronger ties to Trump’s crypto interests gained more than others.
- The top-performing coin by growth was issued by Falcon Finance, which has connections to crypto firms associated with the president.
- Major coins USDT and USDC continued to grow but at a slower rate than crypto-collateralized rivals.
- Some stablecoins benefitting the president’s investments are raising questions about the impact of new regulations.
The market capitalization of stablecoins increased significantly after President Donald Trump signed the GENIUS Act—a stablecoin regulatory bill—into law on June 17. In the days following the announcement, stablecoins tracked by DefiLlama grew in combined value from roughly $251 billion to $268 billion.
DefiLlama’s data shows that some stablecoins, especially those linked to the president’s crypto ventures, captured a larger share of this growth. The stablecoin by Falcon Finance led relative gains, while Ethena, a synthetic (algorithm-backed) stablecoin, also saw a substantial increase. Both Falcon Finance and Ethena have received investments from World Liberty Financial (WLF), a crypto firm from which President Trump earns profits.
The founder of Falcon Finance, Andrei Grachev, has previously pleaded guilty to fraud in Russia, according to a report. WLF’s own coin, USD1, recorded a slight drop in value. Much of USD1’s market cap came from it being used as the primary currency for a $2 billion investment in Binance by MGX.
Meanwhile, major stablecoins USDT (issued by Tether) and USDC (by Circle) added billions to their capitalization but grew at a slower pace compared to crypto-collateralized coins. Paypal’s USD stablecoin also expanded rapidly, though its overall market cap remains under $1 billion.
These developments have led to questions about whether regulatory changes like the GENIUS Act may be financially advantageous to companies and coins in which the president has interests.
For further information, see the original source, as well as analysis and related articles including DefiLlama’s stablecoin data, report on Falcon Finance’s founder, and World Liberty Financial’s statements.
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