Stablecoins Split Into Two Models as $323.4B Market Faces Regulatory Framework Shift

According to Forbes Digital Assets, on May 15, the global stablecoin market reached approximately $323.4 billion as regulatory frameworks accelerate an architectural divergence between two models: bearer-style stablecoins enabling on-chain settlement, and bank-issued tokenized deposits aligned with traditional deposit systems.

The European Union's MiCA framework and the U.S. GENIUS Act are driving this split through regulatory mechanisms. MiCA distinguishes between electronic money tokens and asset-referenced tokens in its oversight path, while GENIUS requires stablecoins to maintain 100% reserves in cash and short-term Treasury securities with enhanced bankruptcy priority protections.