TRON flips Dogecoin in market cap following stablecoin bill progress

TRON's native token, TRX, overtook Dogecoin (DOGE) on Friday to become the eighth-largest cryptocurrency by market capitalization, rising to $25.7 billion. The milestone follows progress in stablecoin regulation in the United States (US) after the Senate passed the GENIUS bill.

TRON overtakes Dogecoin in market cap as US stablecoin bill advances

TRX toppled Dogecoin in market cap on Friday, becoming the eighth-largest cryptocurrency. TRON holds a market cap of $25.75 billion compared to Dogecoin's $24.1 billion at the time of publication, according to CoinGecko’s data. 

The shift comes amid stablecoin legislation progress in the US, with the Senate passing the GENIUS bill in a 68-30 vote on Tuesday. The bill, which aims to regulate stablecoin issuance in the US, has moved to the House for deliberation and a final floor vote.

With President Donald Trump pushing the House to send the bill to his desk, TRON could see a boost, as it is the second-largest blockchain by stablecoin market capitalization, trailing Ethereum's 50.1% share, per DefiLlama data.

In addition, TRON was the most used network for USDT payments in May, followed by Ethereum and BNB Chain, according to data from Artemis. The blockchain processed $694.5 billion in USDT transactions in May, with $411 billion of that figure attributed to whales, CryptoQuant analysts noted in a June 12 report.

Notably, Binance was the largest driver of USDT transactions via the TRON network. The crypto exchange reportedly processed between $2 billion and $3 billion worth of USDT daily via the TRON network, making up over 65% of all on-chain USDT transfers across centralized exchanges.

The development also comes at a time when Nasdaq-listed SRM Entertainment announced plans to change its name to Tron Inc. alongside the launch of its TRON treasury strategy with the purchase of $100 million worth of TRX. TRON founder Justin Sun will also join the company as an advisor.

Meanwhile, Sun has been courting US government officials. Sun disclosed in an X post on Thursday that he met with Bo Hines, Executive Director of the Presidential Council of Advisors for Digital Assets. He claimed that the meeting focused on how the TRON network could contribute to fostering digital asset innovation in the US. Sun also shared photos alongside Senator Bill Hagerty, who introduced the GENIUS Act in February.

TRX experienced a mild decline of 0.9% but remained steady above the 50-day Exponential Moving Average (EMA) on Friday despite a stronger decline in the broader cryptocurrency market.

TRX/USDT daily chart

On the downside, TRX could hold the $0.260 support if it declines below the 50-day EMA. On the upside, it could test the $0.296 resistance.