In a significant milestone for the crypto industry, Tether’s USDt stablecoin has officially surpassed a $150 billion market capitalization, solidifying its dominance as the leading stablecoin and a critical pillar of the digital asset economy.
According to CoinMarketCap, USDt now commands 61% of the total stablecoin market by circulating supply, dwarfing its closest competitor, Circle’s USDC, which holds nearly 25%. The record-setting figure reflects a 36% increase in circulating supply over the past year, with a notable acceleration in growth following the election of U.S. President Donald Trump in November 2024.
REPORT | $USDT Stablecoin Dominates the Crypto Lending Market with Over 73% Market Share #Stablecoins now anchor most lending activity, providing price stability and minimizing liquidation risks.@Tether_to continues to dominate globally.https://t.co/rJQ105y787 pic.twitter.com/TaMjTBKDHw
— BitKE (@BitcoinKE) May 7, 2025
Stablecoins Surge Amid Broader Crypto Adoption
The growth in Tether’s market cap is emblematic of broader trends in the stablecoin ecosystem. Recent data from analytics platforms Dune and Artemis show that the number of active stablecoin wallets has surged from 19.6 million to over 30 million in the past year – an increase of more than 50%. As stablecoins continue to be a key source of on-chain liquidity and an essential tool for crypto traders, USDt remains central to that infrastructure.
REPORT | Almost Half of All $USDT Transactions in 2024 Originated from Emerging Markets, Says Q4 2024 @Tether_to Report
Wallet data reveals that 18.7 million accounts hold balances of less than $1, while another 31.5 million hold between $1 and $1,000https://t.co/dWLTEYuXzN pic.twitter.com/UbRRpeLRt7
— BitKE (@BitcoinKE) December 12, 2024
As the world’s largest stablecoin, USDt functions as a barometer for overall crypto market activity, reflecting demand for digital assets, cross-border settlement, and decentralized finance (DeFi) participation.
Tether Eyes U.S. Market with Domestic Stablecoin Plans
Despite its dominance in international markets, Tether remains restricted in the United States, where regulatory frameworks for stablecoins are still evolving. However, the company is now preparing a strategic move to re-enter the U.S. market with a new, dollar-backed stablecoin designed specifically for domestic use.
“A domestic stablecoin would be different from the international stablecoin,” – Paolo Ardoino, CEO of Tether, speaking at Token2049 in Dubai
According to CNBC, Tether has increased its lobbying efforts in Washington D.C., aligning with ongoing legislative momentum. U.S. lawmakers are currently evaluating several bills focused on stablecoin regulation, including the STABLE Act, introduced by House Financial Services Committee Chair French Hill and Subcommittee Chair Bryan Steil.
While the STABLE Act aims to create a national framework for stablecoin issuance, it has not gone unchallenged. During a Feb. 11 2024 House Subcommittee hearing, former CFTC Chair, Timothy Massad criticized the bill, citing its inadequate federal oversight and the potential for “weak state standards” if stablecoin regulation is delegated too loosely.
Tether’s increased engagement with policymakers suggests it is keen to avoid the compliance pitfalls that have limited its presence in the U.S. to date. If successful, a compliant domestic stablecoin from Tether could unlock a significant new wave of adoption, particularly as traditional financial institutions and fintech platforms explore tokenized dollar alternatives.
Tether’s $150 billion milestone is not just a number – it’s a marker of how deeply stablecoins have embedded themselves into the global crypto infrastructure. As regulatory clarity emerges and usage expands, Tether’s push into the U.S. market signals a pivotal evolution for the company and for stablecoin adoption more broadly.
STABLECOINS | Majority of New $USDT Users Are Coming from Emerging Markets, Including African Cities, Says a Bloomberg Analysis
According to Ardoino, Tether has just over 300 million users globally.https://t.co/DQz6v1xCHi @Tether_to @paoloardoino pic.twitter.com/jXthoNYyGt
— BitKE (@BitcoinKE) November 6, 2024
Whether Tether can maintain its dominance amid rising competition and tighter regulation remains to be seen. But for now, USDt’s record-breaking market cap underscores its role as the heartbeat of crypto’s dollar-based economy.
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