# Three years ago the question about U.S. stablecoins was whether they would survive at all.

*fintech · news · 2026-05-22 · TechBullion*

## Key points

- The GENIUS Act of July 2025 required dollar stablecoins to be fully backed by cash and Treasuries.
- By January 2026, U.S.-accessible stablecoins have $213 billion in supply, with 87% reserves in T-bills.
- Bank-issued tokenised deposits, led by JPMorgan and Citi, have become a significant new market segment.
- Stablecoin reserves now account for 3.4% of the entire U.S. Treasury bill market.
- The OCC’s 2025 guidance allows nationally chartered banks to use distributed ledger infrastructure without separate filings.

**Companies:** Circle, Tether, PayPal, Ripple, JPMorgan, Citi, Goldman Sachs, Bank of New York Mellon
**Countries:** United States

[Read the full story on TechBullion](https://techbullion.com/stablecoin-mechanisms-in-america-2026-why-the-reserve-model-won-and-what-comes-next/)

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