Tether's USDT Reaches 156 Billion USD as the Stablecoin Market Sees New Changes

According to Token Terminal, Tether's stablecoin USDT has reached a new record supply level of over 156 billion USD. The supply spans multiple blockchain networks, with Tron and Ethereum accounting for over 90% of the total. Tron is leading with over 80 billion USD, increasing by about 20 billion USD in new supply since January 2025. Ethereum follows with over 71 billion USD. USDT continues to serve as the primary liquidity tool for the cryptocurrency market. Its scope has now expanded beyond EVM-compatible chains, with growth recorded on Solana, Aptos, and TON. These additions reflect the growing demand for USDT liquidity outside of traditional DeFi ecosystems. Circle Expands Market Share and Management Scope Circle's USDC remains the second largest stablecoin, with recent supply exceeding $61 billion. This gives it a market share of about 24 percent of the total stablecoin supply. To ensure better compliance, Circle has also embarked on enhancing its transparency levels, which will link its service channels to the expected standards in various jurisdictions. The company recently launched an initial public offering on June 5, resulting in a 700% increase on the stock (CRCL), bringing the company's market capitalization to approximately 68 billion USD. Despite this growth, ARK Invest, a major shareholder, has begun selling shares, signaling a shift towards realizing profits. Circle continues to develop a euro-backed stablecoin, EURC. The supply has increased from 78.4 million USD to 236.1 million USD over the past year. Most of this supply circulates on Ethereum and Solana.

Changes to Regulations Reshaping the Stablecoin Landscape The EU's MiCA framework has prompted Tether to stop issuing EURT, the previously euro-backed stablecoin, by the end of 2024. The new compliance rules have led many European exchanges to delist USDT spot trading pairs, although futures and custodial options remain. In response, Tether is introducing the stablecoins EURQ and USDQ compliant with MiCA through the Hadron platform in collaboration with Quantoz. These new assets aim to maintain Tether's user base within the EU regulatory framework. As USDT and USDC expand, broader legislative actions in the United States, including the STABLE and GENIUS Acts, are attracting traditional financial institutions. These developments indicate that more organizations may soon enter the stablecoin market, reshaping the competition.