The stablecoin market has reached a valuation of $280 billion, marking a 40% increase this year, according to a report by Coin Metrics. Tether (USDT) and USD Coin (USDC) continue to dominate the market, holding the largest shares. However, USDe has rapidly expanded to become the third-largest stablecoin following the passage of the GENIUS Act. The GENIUS Act has introduced regulations on reserve backing, shifting the competitive focus among stablecoins to issuance, ecosystem expansion, and market application capabilities. This legislative change has significantly influenced the dynamics within the stablecoin sector, promoting growth and innovation.