Stablecoin Policy Shifts Focus to Intermediaries in $320 Billion Market

Stablecoin policy under CLARITY and GENIUS is shifting the debate from direct holder yield to the intermediaries capturing digital-dollar economics. According to NS3.AI, this change comes as the stablecoin market reached approximately $320 billion in supply by mid-April. The largest payment-stablecoin rails mentioned include USDT, with a market capitalization of about $189.71 billion, and USDC, with approximately $77.63 billion.