Stablecoin Supply Hits ₱19.07 trillion ($315 billion) Record as Senate Stalls CLARITY Act
Despite controlling 75% of crypto trading volume, stablecoins face regulatory uncertainty as the CLARITY Act stalls in the Senate. Meanwhile, Alabama became the second U.S. state to grant DAOs legal status.
Key Takeaway
Stablecoins control three-quarters of crypto trading but US regulation remains stuck in the Senate.
Total stablecoin supply climbed to ₱19.07 trillion ($315 billion) in Q1, the highest level on record, according to CEX.io data. The sector added ₱484.2 billion ($8 billion) during the quarter but grew at its slowest pace since Q4 2023.
Stablecoins now dominate 75% of crypto trading volume. Coinbase Chief Legal Officer Paul Grewal pushed back against critics during a Fox Business interview Wednesday, saying there is no evidence to support fears of deposit flight from stablecoin yield offerings. He said lawmakers are very close to a deal on the CLARITY Act, which the House passed July 17, 2025.
Senate Banking Committee Chair Tim Scott delayed the planned January markup and has yet to reschedule. The holdup leaves the CLARITY Act stuck despite bipartisan support in the House.
Alabama became the second US state to grant DAOs legal status after Governor Kay Ivey signed the DUNA Act. Republican Senator Lance Bell introduced the bill in February. The Alabama House passed it March 17 with an 82-7 vote and 16 abstentions. a16z Crypto Head of Policy and General Counsel Miles Jennings said decentralized governance is essential to crypto's future and represents one of the core constructs in market structure legislation. He said the DUNA Act gives decentralized communities the certainty to build, govern, contract, and scale in the real world, following Wyoming's earlier grant of DAO legal status.
This article was written based on reporting from Cointelegraph.
