Total market cap: $299.79B (-0.01%)

Monthly transfer volume: $8.69T (-19.68%)

Monthly active addresses: 55.7M (+5.4%)

Total holders: 247.2M (+2.2%)

Top 5 stablecoins by market cap:

The Senate Banking Committee released the long-negotiated Clarity Act compromise text from Senators Tillis and Alsobrooks, which prohibits stablecoin issuers from paying interest to bank deposits while preserving activity-based rewards akin to credit card cashback. It forces every crypto firm offering yield to restructure around a "buy and use" model, with the actual definitions punted to a 12-month Treasury and CFTC rulemaking.

The KelpDAO exploit last month resulted in $292 million in lost  rsETH, making it the largest DeFi exploit of the year so far. The exploit highlighted a weakness of wrapped stablecoins through vulnerabilities in their bridge contracts. This weakness is shared by nearly every major issuer, as they all rely on the same family of cross-chain messaging protocols to maintain a unified token across L2s. The event triggered a $1.6 billion outflow from Ethena, as the market moved from yield- bearing assets to stablecoins.

The FDIC is seeking comment on a proposed rule for the GENIUS Act that would establish reserve, capital, and risk management standards for payment stablecoins issuers supervised by the FDIC. The rule proposes that tokenized deposits should be treated identically to traditional deposits under federal insurance law. 

FinCEN and OFAC jointly proposed rules that would subject Permitted Payment Stablecoin Issuers to the full Bank Secrecy Act compliance regime, including anti-money laundering  programs, customer due diligence, suspicious activity reporting, sanctions screening, and the ability to block or freeze tokens in response to lawful orders. The proposal closes a major gap in the GENIUS Act, and sets the operational price of admission for the roughly 50 issuers the U.S. Treasury expects to license.

Tether froze $344 million in USDT across two wallets in coordination with OFAC and U.S. law enforcement. The company said the two wallets were frozen after U.S. authorities notified it of illegal activity tied to the addressees.

Meta is piloting a program in which it is paying select creators in USDC. Eligible creators in Colombia and the Philippines can choose to receive payments in USDCon Solana and Polygon. Meta said it has partnered with Stripe to process the transactions. 

Morgan Stanley Investment Management launched the Stablecoin Reserves Portfolio (MSNXX), a government money market fund built for stablecoin issuers to invest their reserves. The fund is the latest entrant to the money market fund landscape, following funds by BlackRock and Franklin Templeton.

Ripple has secured a listing for RLUSD, Ripple’s native stablecoin, on OKX, with more than 280 spot pairs and margin support for derivatives. 

PayPal has restructured into three operating units, placing PYUSD inside a new Payment Services & Crypto division. The move indicates the company may be positioning PYUSD more as a payment vehicle for merchants than for consumers.

Sky Protocol completed the largest stablecoin conversion in crypto history on April 7, with Binance and several other exchanges auto-converting all DAI balances to USDS at 1:1. The migration formally retires DAI in favor of USDS, which includes a (currently dormant) freeze function, and now generates more than 60% of its revenue from real-world assets.

Ethena's USDe stablecoin shed roughly $1.6 billion in April after the roughly $293 million KelpDAO exploit triggered a broader $13 billion to $15 billion exodus from the DeFi ecosystem, dragging supply back to late-2024 levels, and forcing a precautionary pause on the protocol's LayerZero bridges.

Drift Protocol, the largest perpetual futures venue on Solana, was drained of $286 million following a hack. The attack has been attributed to UNC4736, a North Korean-linked group that was allegedly behind the 2024 Radiant Capital hack. The hackers swapped a basket of more than 15 stolen tokens into USDC, and then bridged to Ethereum to convert them into ETH.

Aave Labs upgraded sGHO, Aave’s yield bearing stablecoin, into an ERC-4626 vault with a fixed 4.25% APR and one-click USDC onboarding. Meanwhile, GHO's launch on Plasma blew through its $50 million supply cap within two weeks of launch, prompting immediate requests to raise borrow capacity.

Expense management platform Ramp has added support for USDT, with 1:1 fiat onramps and offramps across Solana, Plasma and Ethereum. Privy is providing the authentication and wallet layer for the integration. 

Visa has added Arc, Base, Canton, Polygon and Tempo to its stablecoin settlement pilot, bringing the total to nine chains. The move will increase expected annual settlement volume to $7 billion.