Tether’s flagship stablecoin, USDT, has reached an all-time high in circulating supply, crossing $156.1 billion on June 24, 2025. The milestone reinforces USDT’s dominance in the stablecoin sector, with a staggering 90% of its supply concentrated on just two networks—Tron and Ethereum.
According to on-chain data, more than half of the supply, approximately 50.47%, now circulates on Tron (TRX), a popular blockchain for low-fee transactions. Ethereum (ETH) follows closely behind, hosting nearly 40% of the stablecoin’s total supply. The remaining 10% is spread across various blockchains including BNB Chain, Solana, Avalanche, Cosmos, and others.
Despite increasing competition from Circle’s USDC, which has seen rapid adoption on alternative chains such as Solana, Tether’s grip on the market has largely remained intact. For instance, Solana currently hosts nearly $7.5 billion in USDC, compared to only $2.3 billion of USDT. However, across all blockchains, USDT continues to lead with a commanding 62.10% share of the global stablecoin market, while USDC trails with roughly 24%.
USDT’s dominance did face a temporary setback in late 2024 following the rollout of the EU’s MiCA stablecoin regulations. Rather than adapt, Tether chose to exit the European market entirely, discontinuing its EURT stablecoin and facing delistings on several major European exchanges. The company’s decision not to comply with full reserve disclosure requirements also added fuel to regulatory scrutiny.
Looking ahead, the passage of the proposed GENIUS Act in the U.S. could present new challenges for Tether. While the bill targets transparency and reserve auditing for stablecoin issuers, analysts believe it may not force Tether out of the U.S. market entirely. Still, compliance pressure could impact its long-term positioning if stricter rules are enforced globally.
Tether’s strategy remains firmly focused on Asia, where demand for low-cost, cross-border crypto transactions—especially via the Tron network—continues to surge. This regional pivot has helped shield the company from some of the Western regulatory headwinds and sustain its growth.
As regulatory landscapes shift and stablecoin utility evolves, Tether’s next moves will be closely watched by market participants and regulators alike.
For more stablecoin and crypto ecosystem updates, visit TheCoinInfo.
