Searches for the term “stablecoin” on Google have reached an all-time high this month, coinciding with the stablecoin market capitalization surpassing $270 billion — an unprecedented milestone — following the official passing of the GENIUS Act in the U.S.
Google Trends data shows that public interest in stablecoins has surged as the market experiences rapid growth in supply and issuance. At the same time, an increasing number of financial institutions are planning to launch their own tokenized versions of fiat currencies.
Notably, the last major spike in stablecoin-related searches was in May 2022, following the depegging of the algorithmic stablecoin Terra (USTC) and the subsequent collapse of the Luna ecosystem.
This time, the surge began in mid-June and intensified in July, after the GENIUS Act (Guiding and Empowering Nation’s Innovation for US Stablecoins) was signed into law on July 18.
Crypto analyst “The DeFi Investor” commented on social media platform X: “People are waking up to the true potential of stablecoins. This could be the product that brings the first billion people on-chain.”
Stablecoins See ‘Parabolic’ Growth
Digital asset management firm Bitwise stated on X that stablecoins are experiencing “parabolic” growth in both market capitalization and transaction volume, with both metrics hitting record highs in 2024.
“You can’t spell ‘stablecoins’ without ‘parabolic’,” joked Ethereum-focused treasury firm SharpLink.
According to data from CoinGecko, the total market capitalization of stablecoins has reached a record $272 billion, accounting for approximately 7% of the total cryptocurrency market. About 98% of this value comes from USD-pegged stablecoins, with Tether (USDT) dominating the market with a 60% share.
