Data: Tether's stablecoin market share has fallen below 60% for the first time since March 2023

ChainCatcher news, according to Cryptoslate, data from DeFiLlama shows that despite the stablecoin market reaching a historic high of over $283 billion, Tether's market dominance is declining and has dropped to 59.55%, marking the lowest level since 2023. Tether's share of the stablecoin market falling below 60% for the first time in over two years also indicates that the market is expanding at an unprecedented rate.

Analysts suggest that the passage of the "GENIUS Act" could accelerate institutional adoption and push the market size far beyond its current scale, with the total market capitalization of stablecoins potentially reaching $1.2 trillion by 2028.