The stablecoin market cap has achieved a record high of over $311 billion, despite a general decline in the broader cryptocurrency market characterized by substantial liquidations. According to NS3.AI, Tether (USDT) and Circle's USDC maintain their dominance in stablecoin supply, while new players such as World Liberty Financial's USD1 stablecoin have contributed to the recent expansion. Regulatory uncertainty persists, with delays in the CLARITY Act and cautious market sentiment indicating low expectations for a swift altcoin recovery.

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