Stablecoins have seen substantial growth since President Donald Trump signed the “GENIUS Act,” a stablecoin regulatory bill, into law on June 17.
Coins tracked by DefiLlama have seen their collective market capitalization increase from approximately $251 billion to approximately $268 billion.
This growth has had both winners and losers, with some stablecoins that have deeper links to Trump’s crypto empire seeing a disproportionate share of the overall growth.
Read more: ANALYSIS: Mapping Donald Trump’s growing crypto empire
Among the top coins, the one that’s seen the largest relative increase in its market is the stablecoin issued by Falcon Finance.
This coin was founded by Andrei Grachev, who has previously pleaded guilty to fraud in Russia.
World Liberty Financial (WLF), one of the crypto firms that the president profits from, invested in Falcon Finance.
The coin that’s seen the second largest relative increase is Ethena, a so-called “synthetic” stablecoin, that WLF also invested in.
Read more: World Liberty Financial claims no relationship with $TRUMP firm
WLF’s own stablecoin, USD1, has also seen its market capitalization slightly decrease, though it’s a unique case because almost all of its entire market capitalization resulted from it being used as the currency choice for the $2 billion MGX investment in Binance.
The two largest stablecoins, USDT and USDC, issued by Tether and Circle respectively, have both continued to grow by billions, but their overall growth rate has been slower than their crypto-collateralized counterparts.
PayPal USD has grown faster than both USDT and USDC, but with a total market capitalization of less than $1 billion, it’s a distant competitor to the other stablecoins.
The growth of some of these stablecoins raises important questions about the president profiting from changes to regulations that he advanced and signed such as the GENIUS Act.