Total market cap: $295.36B (-1.38%)

Monthly transfer volume: $6.63T (+8.71%)

Monthly active addresses: 54.6M (+3.75%)

Total holders: 271.1M (3.0%)

Top 5 stablecoins by market cap:

Europe’s MiCA law went into force, ending a two-year transitional period, on July 1, meaning all crypto service providers, exchanges, and stablecoin issuers without full authorization to operate in the bloc must stop servicing EU clients or face penalties of up to €5 million or 5% of global turnover. Circle’s USDC and EURC are authorized via France’s ACPR, however, Tethers’s USDT still lacks authorization. This led Coinbase, Kraken, Crypto.com, and Binance’s EU arm to delist USDT for their EU users. 

Tether continued to diversify its business beyond stablecoins. On June 16, Tether signed an MOU with the Dubai Multi Commodities Centre to advance blockchain innovation and education. Earlier in the month, the company led an investment round of up to $1.4B into NEURA Robotics, and partnered with Fasset to launch a gold-backed Visa card. 

FinCEN, along with the OCC, Federal Reserve, FDIC and NCUA, proposed a rule that would implement the GENIUS Act's customer identification program (CIP) requirement for payment stablecoin issuers. Issuers would need to collect basic identity info (name, DOB/formation date, address, or ID number), verify it within a reasonable timeframe, screen against terrorist watch lists, and maintain records. The rule also outlines what issuers must do when identity can't be verified, such as restricting accounts, closing them, or filing suspicious activity reports.

Open Standard, a jointly governed stablecoin issuer, launched Open USD (OUSD) on Solana, offering zero minting/redemption fees and a shared-reserve-revenue model. The coin’s backers include Visa, Mastercard, Stripe, Coinbase, BlackRock, Google, Ripple, BNY, IBM, Shopify and DoorDash. The launch creates further competition for USDC and USDT, which rely on a fee-based issuance model.

The Bank of England published its policy statement and draft Code of Practice for regulating pound sterling-denominated stablecoins. The new draft drops the previously proposed £20,000 individual / £10M business holding caps in favor of a temporary £40 billion aggregate issuance guardrail for each systemic stablecoin. 

RLUSD has officially launched in Japan. The stablecoin will operate as a licensed "electronic payment instrument" under Japan's Payment Services Act, and is now available to both institutional and retail users on SBI Holdings’ VCTRADE platform.

Plasma, a stablecoin neobank, has launched a consumer app dubbed Plasma One. The app is being rolled out globally with a focus on customers in emerging markets.

Consensus launched its MetaMask Money Account, a feature that integrates Mastercard for spending, offers yields on savings, and allows users to access in-app trading. The feature is being rolled out in Latin America, Asia, Africa, and the Middle East, but not in the EU and UK due to regulatory restrictions.

StablecoinX has gone public via a reverse merger with a SPAC. The company offers exposure to ENA, the Ethena blockchain's token,  following a model similar to other digital-asset treasury (DAT) companies.

BlackRock integrated Ethena’s USDe into its Aladdin platform. As part of the partnership, Ethena said that the asset manager’s BUIDL fund is now the primary asset for its whitelabel stablecoin product.

Yellow Card, stablecoin infrastructure provider which focuses on providing services to countries around Africa, has secured Swiss AML affiliation, enabling Swiss institutional and corporate clients a way to move money to African markets via stablecoins.

Invesco has filed with the SEC to list a Stablecoin Reserves Onchain Fund. The fund's key differentiator is that share ownership will be recorded natively on a public blockchain via Superstate, a digital transfer agent, making the onchain record a part of the fund's legal ownership structure.

Crédit Agricole launched EURXT, a euro stablecoin issued via its asset-servicing arm CACEIS Bank. The stablecoin is Ethereum-based and backed 1:1 by euro reserves. About €20 million has been issued initially, and a €10,000 minimum subscription limits access to institutional and corporate clients for now.

Ashish Bera, CEO of Evernorth, joined the Talking Tokens podcast to break down the firm's research on RLUSD and the XRP Ledger. He explained how the stablecoin went from from 1% to 12% of XRP trading volume, and why a robust dollar pair is essential for building liquid, institutional-grade onchain markets.