CoinFound Data: The total market cap of stablecoins is $324.078 billion

ME News message, April 23 (UTC+8). According to CoinFound data:

Market cap distribution by chain

• Ethereum: $168.1 billion USD
• TRON: $85.08 billion USD
• Solana: $15.17 billion USD
• BNB Chain: $13.0 billion USD
• Arbitrum: $7.22 billion USD
• Base: $4.63 billion USD
• Polygon: $3.52 billion USD
• Avalanche: $1.24 billion USD
• Aptos: $1.24 billion USD
• Stellar: $0.31 billion USD

Market dynamics

• Russia’s State Duma has reviewed and passed a digital currency bill at its first reading; the central bank will control market access and transaction oversight
• South Korea’s Democratic Party plans to advance stablecoin legislation after the June elections
• The Qivalis alliance of 12 European banks is advancing MiCA-compliant euro stablecoins
• Circle has put forward a proposal at the Aave forum, suggesting raising the maximum deposit interest rate for USDC to 48.2%
• U.S. banking groups are strongly urging a slowdown in the implementation of GENIUS Act stablecoin regulation

Summary

From April 22 to April 23, the core drivers of the stablecoin market were regulatory maneuvering (calls to slow down the GENIUS Act) and product innovation (tGBP launch, euro stablecoin plans), rather than sudden changes in price or supply. The market continues to show mature characteristics, with clear signs of institutional interest and a trend toward compliance. Stability is maintained in the short term, and the long-term outlook favors the expansion of localized offerings and payment scenarios. (Source: CoinFound)