Stablecoin market cap reaches $286.54 billion as Hong Kong advances regulatory framework

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Summary

Stablecoin regulation is gaining momentum as the stablecoin market cap reached $286.54 billion on June 29, 2026, according to CoinFound. Ethereum leads with $1,761.38 billion, followed by TRON at $894.21 billion and Solana at $157.06 billion. Framework Ventures raised a $400 million fund focused on tokenization and stablecoins, while Tether Gold (XAUT) launched a collateralized lending service on Ledn. Hong Kong’s draft legislation for crypto asset reporting is now under review, signaling progress in establishing a compliance framework. A new wallet deposited 630,000 USDC into HyperLiquid to open a 2.9 million XRP short position. The report indicates that stablecoins are entering a phase of formal regulation, with financial hubs like Hong Kong accelerating their compliance frameworks.

ME News report, June 29 (UTC+8), according to CoinFound data (market cap across chains):

Ethereum, $176.138 billion

TRON, $89.421 billion

Solana, $15.706 billion

Arbitrum, $3.079 billion

BNB Chain, $2.196 billion

Market dynamics:

Framework Ventures raises $400 million fund to invest in tokenization and stablecoins

Tether Gold (XAUT) is now integrated with Ledn, offering collateralized lending.

The draft ordinance on Hong Kong’s cryptocurrency reporting framework has entered the review stage.

A newly created wallet deposited 630,000 USDC into HyperLiquid and opened a short position of 2.9 million XRP.

Summary:

Stablecoins are entering the "regulatory implementation phase," with financial hubs like Hong Kong accelerating the rollout of compliance frameworks; in the future, stablecoins will become a critical infrastructure for cross-border payments and on-chain finance.(Source: CoinFound)

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