STABLECOINS

Stablecoins are the part of crypto that traditional finance is quietly the most worried about — and the part with the clearest product-market fit. The cluster covers the whole stable economy: USDT (Tether), USDC (Circle), DAI / sky, FDUSD, PYUSD, the regulated euro stables under MiCA, and the experiments at the edges (yield-bearing stables, delta-neutral collateral, synthetic-dollar designs).

We track market share month by month, because the picture moves fast. USDT keeps the lion's share of off-shore liquidity; USDC dominates regulated venues and on-ramp flows; FDUSD owns big chunks of Binance pairs; PYUSD is growing through PayPal's distribution. Each one is a different bet on whose reserves, whose audits, and whose regulatory umbrella you trust. The cluster makes those trade-offs legible without endorsing any specific issuer.

Coverage also follows the regulatory perimeter: MiCA in the EU, the GENIUS Act and competing US frameworks, Hong Kong's stablecoin licensing regime, and the slow extension of bank-like rules to non-bank issuers. The implication for builders is concrete: which stables can a regulated app integrate, which ones move on which chains, and what does the depeg history actually look like. Read the cluster as a working map of the stablecoin economy, not a marketing brochure for any issuer.