Tether's USDt Hits $150B Milestone as STABLE Act Proposed
The stablecoin landscape is evolving rapidly. The STABLE Act, introduced by House Financial Services Committee Chair French Hill and Subcommittee Chair Bryan Steil, seeks to establish a national framework for stablecoin issuance in the U.S. Meanwhile, Tether's USDt stablecoin has hit a $150 billion market capitalization, reflecting its growing influence in the stock market today.
The number of active stablecoin wallets has surged by over 50% in the past year, reaching over 30 million. USDt, the dominant stablecoin, commands 61% of the total market by circulating supply, far outpacing its closest competitor, USDC, at nearly 25%.
Tether's USDt has seen a 36% increase in circulating supply over the past year, with a notable acceleration following the election of U.S. President Donald Trump in November 2024. The stablecoin has officially surpassed a $150 billion market capitalization, underscoring its role as the 'heartbeat' of crypto's dollar-based economy. USDt serves as a barometer for overall crypto market activity, reflecting demand for digital assets, cross-border settlement, and decentralized finance (DeFi) participation.
The STABLE Act aims to create a national framework for stablecoin issuance, with the CFTC currently engaging with Tether to allow a nationally regulated dollar-based stablecoin for the U.S. market. However, former CFTC Chair Timothy Massad criticized the act during a Feb. 11, 2024 House Subcommittee hearing, citing inadequate federal oversight and potential weak state standards.
Tether's USDt stablecoin has reached a significant milestone, reflecting its growing influence in the stock market today. The STABLE Act, while aiming to establish a national framework for stablecoin issuance, faces criticism from former regulators. As the stablecoin market continues to evolve, so too will the regulatory landscape.
