Recent reports suggest that Tether is considering creating a US-only stablecoin due to concerns over compliance with potential US regulations affecting its existing USDT, which currently has a market cap of $144 billion. Wintermute noted that USDT is losing market share as new regulations and the MiCA framework emerge. The stablecoin market cap has risen by 15% in 2025 to reach a record $233 billion, largely driven by USDC, which added $16 billion to its market cap compared to USDT's $7 billion growth. Other ecosystems showed growth as well, with Tron increasing by $6 billion and Solana's market cap rising to $12 billion. Notably, USDC's share of the Ethereum stablecoin market has increased to 30%, while USDT's decreased to 52%. Increased competition among stablecoin issuers is viewed positively for consumers, promoting innovation and preventing monopolization.

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