Ex-Facebook manager says Trump’s new bill will trigger iPhone-scale boom
Bitwise Investments co-founder and CEO Hunter Horsley, who earlier served as product manager at Facebook, thinks President Donald Trump's GENIUS Act will usher in a stablecoin boom similar to how the iPhone launch led to a mobile application boom.
Bitwise is a prominent crypto asset management firm that issues exchange-traded funds (ETFs) linked to cryptocurrencies like Bitcoin and Ethereum.
Horsley recently wrote on X that every business rolled out a mobile app within a few years of the iPhone launch. Similarly, the GENIUS Act, which regulates stablecoins, will lead to every e-commerce, financial services, banking, and payments company launching their own stablecoins within 24 months.
After the iPhone launch, within just a few years, every business had a mobile app / mobile app strategy.
— Hunter Horsley (@HHorsley) July 25, 2025
After the Genius act, every ecomm/ finserv/ bank/ payments company is going to have stablecoins in their products/ operation within 24 months.
It's going to happen quickly.
A stablecoin is a type of cryptocurrency that attempts to stabilize its value, unlike traditionally volatile cryptocurrencies such as Bitcoin, by being pegged to a traditional currency like the U.S. dollar or a commodity like gold.
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It was on July 18 that President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. It is the first major crypto legislation to become a law in the U.S. In a strategic shift toward containing global de-dollarization efforts, the legislation deals with only U.S. dollar-pegged stablecoins.
Wall Street giants mull entering stablecoin market
As per DeFiLlama, the total stablecoin market capitalization is more than $266 billion at the time of writing.
With Tether's USDT and Circle's (NYSE: CRCL) USDC occupying more than 85% of the market share, Trump-backed World Liberty Financial's USD1, PayPal's PYUSD, and Ripple's RLUSD are the other prominent players in the segment.
JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C), and France's Societe Generale (EPA: GLE) are among the leading giants that are also contemplating launching USD-pegged stablecoins.
In fact, Ripple CEO Brad Garlinghouse recently said many people think the market will reach $1 trillion-$2 trillion in a handful of years. Clearly, we can anticipate far more competition in the stablecoin market soon.