The Tron network is inching closer to surpassing Ethereum in Tether (USDT) circulation after the recent minting of $1 billion of the stablecoin. As of May 5, Tether's total USDT on Tron stands at $71.4 billion, just $1.4 billion shy of Ethereum's $72.8 billion. Tron previously led USDT circulation from July 2022 to November 2024, but an $18 billion mint on Ethereum shifted the balance. Currently, Solana ranks third with $1.9 billion in circulation. Tether's overall circulation has reached a record high of $149.4 billion, representing a significant 8.6% increase this year. This gives Tether a stablecoin market share of 61%, with Circle as its closest competitor at 25%. Furthermore, analysts predict the stablecoin market could grow to $2 trillion by 2028 pending regulatory clarity in the U.S. Several pieces of legislation, including the GENIUS Act and the STABLE Act, are expected to influence the landscape of stablecoins in the upcoming months, with potential implications for Tether's operations as a U.S.-based stablecoin later this year.

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