Stablecoin Money: Circle Issues, but Coinbase Keeps the Profit

Stablecoin market cap hit about $306.6 billion (USDT $183.7B, USDC $75.4B) as the GENIUS Act built a federal framework for payment stablecoins. Real usage is far smaller than headline transfer volume — BCG estimates true payment volume at just $350-550 billion versus $62 trillion in gross transfers. In June 2026, stablecoin supply fell a record $7.7 billion even as adjusted transfer volume hit $1.79 trillion, up 63% year over year. Circle keeps only 39-41% of reserve income after distribution costs, with partners like Coinbase capturing much of the rest.