$4 trillion crypto market hits milestone on stablecoin bill push

The total market value of cryptoassets surged past $4 trillion for the first time, driven by a rally in altcoins and momentum from a sweeping US legislative push to regulate the sector.

The milestone followed the passage of the first-ever federal legislation for stablecoins, a key accomplishment during what lawmakers have dubbed "Crypto Week."

The bill, backed by Republicans and championed by President Donald Trump, introduces federal or state oversight of dollar-linked stablecoin, aiming to legitimise a $265 billion market that Citigroup Inc. analysts project could grow to $3.7 trillion by 2030.


Altcoins - a catch-all term for tokens besides Bitcoin - led the latest leg of the rally, with Ether jumping 22% over the past five days. Bitcoin, the industry's benchmark asset, hit a record $123,205 earlier this week. Uniswap surged as much as 24% on Friday, while Solana gained 6.5% at one point.

Thursday also saw the House pass a broader crypto market structure bill, which now awaits Senate consideration.

Investors have continued to flood into US-listed crypto ETFs. Bitcoin funds have attracted $5.5 billion in inflows so far in July, while Ether ETFs brought in $2.9 billion.