The cryptocurrency market is experiencing renewed interest, and a key sector, stablecoins, has achieved a major milestone. The total market capitalization of all stablecoins has surpassed $300 billion for the first time ever. This surge comes after the passage of the GENIUS Act in the U.S., which has spurred significant growth within the stablecoin space. According to DeFiLlama data, the value of all stablecoins now stands at $301 billion, representing a 1.84% increase from last week and a 6.5% increase over the past 30 days. Tether (USDT), with its dominant market share of 58%, leads the pack, holding a capitalization of $176.3 billion. Circle’s USDC follows closely at second position, boasting a market share of 24.5% and a capitalization of $74 billion. Ethena’s USDe and MakerDAO’s DAI occupy third and fourth place with a capitalization of $14.8 billion and $5.0 billion respectively. 📈 🌎 The rise of stablecoins has been accelerating in recent months. A September report by Citi Group projected that the global stablecoin market could reach a value of $4 trillion by 2030, with a more conservative estimate of $1.9 trillion as a baseline scenario. This rapid growth is expected to handle up to $100 trillion in transactions annually, according to the report, representing a substantial increase from the trillions of dollars handled daily by the world’s largest banks. However, Citi cautioned investors that cross-border payments are currently taking longer due to several countries already having established efficient and cost-effective payment mechanisms within their systems.