Stablecoins, digital tokens pegged to traditional currencies, have evolved from niche tools for cryptocurrency traders to major pillars of the global financial ecosystem. In the United States, the sector has reached a turning point with the passage of the GENIUS Act, a law created in 2025 to establish a federal regulatory framework for stablecoin issuers. Adding momentum is Tether’s announcement of USAT, a U.S. based and regulated dollar-backed token that signals growing competition and government engagement. The global stablecoin market is almost $300 billion in capitalization, with Tether’s USDT dominating at over $169 billion. Other players, such as Circle’s USDC and PayPal’s PYUSD, have carved out niches in institutional payments and consumer-facing applications. Tether’s flagship token, USDT, has become the de facto “digital dollar” in many emerging markets, particularly in countries with weak local currencies. One example being Hyperliquid, a decentralized exchange, announced plans that they are preparing to launch USDH, a native stablecoin whose issuer will be chosen through community governance. By requiring issuers to back tokens with Treasuries, the GENIUS Act effectively turns the stablecoin market into a demand engine for U.S. government debt. For global users, this means increased access to dollar-denominated assets without traditional banking. With the GENIUS Act providing a clear regulatory framework and new offerings like Tether’s USAT entering the market, the sector is poised for deeper integration into the U.S. financial system.