As the stablecoin wars heat up, Tether's USDt reaches $150B market cap
Tether’s USDt (USDT) reached a market capitalization of over $150 billion on May 12, reflecting increased stablecoin adoption. The circulating supply of USDt has grown by over 36% in the past year, particularly accelerating after the election of President Donald Trump. Tether holds a 61% share of the global stablecoin market, with Circle’s USDC at nearly 25%. Tether serves as a key indicator of cryptocurrency demand, facilitating liquidity and trading. The number of active stablecoin wallets has risen by over 50% in the past year, from 19.6 million to 30 million. Tether plans to launch a new dollar-backed stablecoin in the US, amid increasing lobbying efforts as lawmakers consider stablecoin legislation like the STABLE Act. Critics, including former CFTC Chair Timothy Massad, argue that the STABLE Act may not effectively regulate Tether and could introduce risks due to weak state standards and insufficient federal oversight.
