The stablecoin market has surpassed a total capitalization of $318 billion, driven by the dominance of Tether's USDT and Circle's USDC. This growth follows the implementation of the GENIUS Act, a U.S. regulation that classifies compliant stablecoins as cash equivalents, enhancing institutional confidence. Analysts from Canaccord Genuity describe this legislation as a transformative moment, positioning stablecoins as the 'money layer' of the internet. The market is also witnessing the entry of new stablecoins such as $USDe, $USD1, and $PYUSD, which are further encouraging institutional adoption. Tether is planning to launch a U.S.-regulated stablecoin, USAT, by 2025, while major financial entities like Citigroup and Visa are exploring their own stablecoin initiatives. This surge in stablecoin adoption is reportedly driving the development of broader crypto infrastructure, including DeFi and on-chain settlement tools.