The market caps of both major stablecoins, USDT and USDC, are down more than 5% over the past 12 months. And this is happening after the GENIUS Act.
So, what’s going on?
One possible explanation: regulation comes at a price. Stablecoins promise the convenience and flexibility of digital dollars. But increasing regulatory oversight also brings greater control, compliance requirements, and the ability to freeze accounts.
Perhaps users are beginning to question whether regulated stablecoins offer the financial freedom they originally came for.
Is this just a temporary slowdown, or are we seeing the first signs of resistance to the growing centralization of stablecoins?