June 2026 Stablecoin Roundup: Open USD, MiCA, GENIUS

In June 2026 the global stablecoin market cap reached $322 billion, up from about $250 billion in January, a 29% increase. Tether’s USDT remained the largest by supply at roughly $140 billion. Circle’s USDC exceeded $45 billion and surpassed USDT in adjusted transaction volume in 2026. Tokenized Treasury holdings on-chain reached about $7 billion in June, with BlackRock’s BUIDL product accounting for more than $2.5 billion.

Open Standard launched Open USD on June 30 with more than 140 founding partners including Visa, Mastercard, Stripe, BlackRock, Coinbase, Google and Shopify. Open USD’s model offers zero-fee minting and redemptions and a partner-owned reserve yield sharing arrangement. Stripe designated Open USD as the default stablecoin for its merchant services.

Regulatory deadlines affected market access in Europe and the United States. The Markets in Crypto-Assets regulation’s transitional period ended on July 1, requiring platforms without full MiCA authorization to stop serving EU clients. Major regulated EU platforms removed or restricted USDT spot trading for EU and EEA users ahead of the deadline. Several euro electronic money tokens received authorizations before MiCA enforcement, including Circle’s USDC/EURC, Banking Circle’s EURI and Société Générale–Forge’s EURCV, bringing around a dozen euro EMTs from 14 issuers into operation.

U.S. regulators advanced rulemaking tied to the GENIUS Act ahead of a July 18 statutory deadline. On June 22 five agencies published a proposed Customer Identification Program rule for permitted payment stablecoin issuers. The Office of the Comptroller of the Currency issued an AML/CFT and sanctions compliance bulletin addressing expectations for stablecoin issuers. The GENIUS Act framework covers capital, reserve composition, liquidity and redemption obligations for permitted issuers.

A wave of bank-backed stablecoins launched in June. SoFiUSD debuted through a white-label arrangement with Paxos and was listed by Bullish Exchange. Revolut US and Anchorage Digital issued USAT, described as bank-license-backed. MainUSD, announced by Mosta with Brale, targets human users and AI agents for cross-border settlement. Crédit Agricole issued EURXT via CACEIS as a MiCA-compliant euro electronic money token with an initial issuance tied to access to a tokenized money market fund.

Three major asset managers launched or filed reserve products aligned with GENIUS Act requirements in June. Fidelity launched the Reserves Digital Fund on June 19 as a Rule 2a-7 government money market fund with a GENIUS Act-only mandate. State Street’s SSCXX debuted on June 17 as a purpose-built stablecoin issuer reserve product. Invesco filed a Stablecoin Reserves Onchain Fund on June 26 featuring a blockchain-integrated transfer agent.

Partnerships expanded payout and settlement infrastructure. MassPay and Coinbase announced a USDC payout service covering 180 countries. Ripple invested in Flutterwave and designated RLUSD for settlement across African transactions. Crossmint and Paga deployed multi-chain smart contract wallets across an African payment network. Yellow Card obtained Swiss AML affiliation. Western Union and Crossmint launched USDPT on Solana and Stellar. RLUSD received approval from Japan’s Financial Services Agency as a Type 4 electronic payment instrument.

On-chain activity varied by chain. Tron led daily stablecoin transaction counts driven by TRC-20 USDT retail flows in emerging markets where low fees matter. Solana showed fastest growth for institutional payment deployments, supported by sub-cent fees and near-instant finality. Issuers continue to operate under differing reserve and issuance rules across the GENIUS Act, MiCA and JFSA frameworks. Open USD’s governance includes more than 140 partners with varied commercial interests. Reserve income for low-fee stablecoin models depends on current Treasury yields. MiCA delistings removed USDT from major regulated EU platforms while USDT activity continued on Tron and in DeFi venues.