New Rulebook, Old Leaderboard: USDT Holds 60.7% as USDC Chases the Gap

By October 22, 2026 UK time, the Office of the Comptroller of the Currency (OCC) had finalized rules implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The framework establishes requirements covering reserves, redemptions, risk management, reporting and regulatory supervision, with an effective date of January 18, 2027.

In an October 21, 2026 post, U.S. Treasury wrote: “Today, U.S. Treasury’s @USOCC took a critical step toward implementing this historic legislation with the release of a final rule that delivers a federal framework for…” The same post said: “President Trump fundamentally transformed the future of finance with the signing of the GENIUS Act last year.”

DeFiLlama’s Stablecoin Market Cap data showed USDT with 60.7% of the stablecoin market, compared with 23.9% for USDC. Together, the two tokens represented 84.6% of the market.

Different regulatory footprints now separate Circle and Tether. Circle has an established US regulatory positioning, while Tether’s international stablecoin business raises questions about how it will fit into the federal framework. USDC has room to expand, particularly among institutions seeking regulated digital-dollar infrastructure.