Stablecoin Monitor — 2026-04-13

Key Highlights

Market Cap Milestone

The total stablecoin market cap reached approximately $326.6 billion by April 2026, up from $236 billion in April 2025 — a gain of 38.4% year-over-year.

An earlier checkpoint from around April 11 logged an all-time high of $318.6 billion, with the market edging toward the $320 billion milestone at the time. USDC held a market cap of approximately $78.763 billion, posting a strong weekly gain of 1.64% (roughly $1.272 billion in net new USDC reserves over the prior week).

Tether Hires Big Four Auditor

In a landmark transparency move, Tether has hired an unnamed Big Four accounting firm to conduct a full audit of its USDT reserves — its first ever. Previously, Tether had only provided quarterly attestations rather than full audits. The announcement came shortly before the current reporting period and carries significant implications for issuer credibility under the new U.S. GENIUS Act framework.

USD1 Stablecoin Peg Volatility

MEXC published a deep-dive analysis into USD1 stablecoin price volatility, highlighting that while USD1 is designed to maintain a 1:1 peg with the U.S. dollar, it experiences fluctuations in live trading. The report notes USD1 has recorded all-time high deviation events and offers strategies for navigating peg deviation risks.

Regulatory Framework — GENIUS Act in Effect

The U.S. GENIUS Act is now law, establishing:

• 1:1 reserve requirements backed by U.S. dollars, short-term Treasuries, overnight repos, or Federal Reserve credits
• Monthly public reserve disclosures, audited by registered accounting firms
• Criminal penalties for executives who falsify disclosures

The OCC and Federal Reserve have until July 2026 to finalize technical standards for reserve audits and cybersecurity.

Analysis

The stablecoin market is in robust health by aggregate metrics. Total supply crossing $326 billion — a 38% annual increase — signals that institutional and retail demand for dollar-pegged digital assets remains structurally strong, even amid broader macro uncertainty from tariff-related turbulence affecting equity and crypto markets.

The most significant qualitative shift this period is Tether's move toward a full Big Four audit. This is a response to regulatory pressure from the GENIUS Act, which effectively compels large issuers above certain thresholds to submit to full audits rather than voluntary attestations. For years, the gap between Tether's market dominance and its limited transparency has been a systemic risk concern. A full audit would mark a turning point — though the results remain unknown until publication.

USDC continues its incremental market share gains, aided by Circle's public company status (which brings enhanced disclosure obligations) and its integration into enterprise payment infrastructure. The $78.76 billion USDC market cap still trails Tether's ~$144 billion, but the weekly growth rates suggest USDC is closing the gap faster than in prior years.

The USD1 peg volatility analysis serves as a reminder that not all stablecoins maintain robust pegs in live trading conditions, particularly newer or less-liquid issuers. Investors should scrutinize reserve quality and redemption mechanisms, especially as the regulatory environment increasingly distinguishes between compliant and non-compliant issuers.

What to Watch

• July 2026: Deadline for OCC and Federal Reserve to finalize technical standards for GENIUS Act reserve audits and cybersecurity requirements.

• Tether's First Full Audit: No timeline has been disclosed for when Tether's Big Four audit will be published. Watch for announcements from Tether.

• GENIUS Act Monthly Reserve Reports: The first wave of mandated monthly reserve disclosures from major issuers will be a key transparency milestone to track.

• $330 Billion Market Cap: The stablecoin market is on trajectory toward $330 billion. Whether macro headwinds (tariffs, risk-off sentiment) slow or accelerate stablecoin inflows bears watching in the near term.