{
  "regulation": {
    "US_GENIUS": "Signed 2025-07-18; effective earlier of 2027-01-18 or 120 days after final rules; OCC proposal 2026-02-25",
    "US_CLARITY": "Senate cloture failed 49-50 on 2026-09-15",
    "EU_MiCA": "CASP transitional period ended 2026-07-01",
    "UK_FCA": "Final rules 2026-06-30; regime starts 2027-10-25",
    "HK": "Stablecoins Ordinance effective 2025-08-01; first licences 2026-04-10",
    "SG_MAS": "Consultation 2026-09-01 to 2026-10-16 (framework not yet in force)",
    "BCBS": "Crypto standard implementation 2026-01-01; expedited review announced 2026-02-25"
  },
  "sources": [
    "https://defillama.com/stablecoins",
    "https://www.mofo.com/resources/insights/260306-summary-and-analysis-of-the-occ-s-proposed-rule",
    "https://www.coindesk.com/policy/2026/09/15/crypto-clarity-act-flames-out-in-failed-u-s-senate-vote",
    "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub",
    "https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/",
    "https://www.bis.org/press/p260225.htm"
  ],
  "source": "DefiLlama stablecoins API (USD-pegged circulating supply)",
  "live": true,
  "stale": false,
  "asOf": "2026-11-15T11:18:26.479Z",
  "totalMarketCapUSD": 287805573676.38293,
  "top": [
    {
      "symbol": "USDT",
      "name": "Tether",
      "marketCapUSD": 175371099218.1642
    },
    {
      "symbol": "USDC",
      "name": "USD Coin",
      "marketCapUSD": 69283810646.90768
    },
    {
      "symbol": "USDS",
      "name": "Sky Dollar",
      "marketCapUSD": 5367957571.681632
    },
    {
      "symbol": "USDe",
      "name": "Ethena USDe",
      "marketCapUSD": 4883482912.974996
    },
    {
      "symbol": "DAI",
      "name": "Dai",
      "marketCapUSD": 4642359228.359087
    },
    {
      "symbol": "USD1",
      "name": "World Liberty Financial USD",
      "marketCapUSD": 3106447332.9675794
    },
    {
      "symbol": "RLUSD",
      "name": "Ripple USD",
      "marketCapUSD": 2798312625.9631653
    },
    {
      "symbol": "USDG",
      "name": "Global Dollar",
      "marketCapUSD": 2648656156.7647986
    },
    {
      "symbol": "PYUSD",
      "name": "PayPal USD",
      "marketCapUSD": 2599670483.938502
    },
    {
      "symbol": "U",
      "name": "United Stables",
      "marketCapUSD": 1631000962.4590988
    }
  ]
}