Institutionalizing Digital Fiat: Stablecoins Under the GENIUS Act and MiCA

This report examines how the US GENIUS Act and the EU’s MiCA framework are reshaping stablecoin issuance, liquidity and payment rails across the United States, Europe and key regional hubs.

Key Takeaways:

• GENIUS Act sparks a federal charter sprint: Challenger stablecoins grew 2.8x to $15.4B since the Act, while USDT ($183.8B) and USDC ($74.0B) still dominate.
  
  

• MiCA-compliant euro stablecoins grew ~14x: Market cap rose from $52M to $752M, while non-compliant tokens fell from 87% of euro stablecoin supply to below 1%.
  
  

• B2B settlement leads stablecoin payments: B2B accounts for ~$226B of an estimated $390B in annualized volume. Stablecoin-linked cards reach $1.17B monthly.
  
  

• Promotional yield draws temporary capital: PayPal’s PYUSD peaked near $4.2B in March 2026 before settling around $2.8B.
  
  

• The dollar’s dominance persists: USD stablecoins account for over 99% of supply despite expanding regulatory frameworks worldwide.