A Federal Reserve staff paper shows that blockchain network congestion can trigger stablecoin runs even when reserves remain fully backed. Small transfers bear the sharpest burden: from 2021 through 2025, the fee-to-value ratio frequently exceeded 100% for below-median USDC transfers, versus less than 5% for above-median transfers. The GENIUS Act regulates issuers and reserves but deliberately leaves public blockchain pricing and capacity outside its explicit scope. Total stablecoin supply stood at approximately $256 billion in September 2026, with $147.3 billion on Ethereum, $93.2 billion on Tron and $15.7 billion on Solana. Treasury expects the issuer licensing framework to take effect on January 18, 2027.
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