- USDT supply tops $156B, with Tron and Ethereum hosting over 90%.
- Circle’s USDC hits $61B and gains on Wall Street with a 700% IPO surge.
- MiCA pushes Tether to launch EU-compliant EURQ and USDQ alternatives.
Tether’s USDT stablecoin has reached a new record supply of over $156 billion, according to Token Terminal. The supply spans across multiple blockchain networks, with Tron and Ethereum accounting for more than 90% of the total. Tron leads with over $80 billion, gaining approximately $20 billion in new supply since January 2025. Ethereum follows with more than $71 billion.
USDT continues to serve as a key liquidity instrument for crypto markets. Its reach now extends beyond EVM-compatible chains, with growth noted on Solana, Aptos, and TON. These additions reflect expanding demand for USDT liquidity outside traditional DeFi ecosystems.
Circle Expands Market Share and Regulatory Reach
Circle’s USDC remains the second-largest stablecoin, with supply recently exceeding $61 billion. This provides it with a market share of about 24 percent of the total stablecoin. To ensure enhanced compliance, Circle has also embarked on heightening its level of transparency that aligns its service channels with expected standards in various jurisdictions.
The company recently issued a public offering on June 5, which resulted in a 700% gain on the stock (CRCL) which places its market cap at approximately 68 billion US dollars. Despite this growth, ARK Invest, a major shareholder, has begun selling shares, signaling a shift toward profit realization.
Circle continues to grow its euro-backed stablecoin, EURC. Supply rose from $78.4 million to $236.1 million in the past year. Most of this supply circulates on Ethereum and Solana.
🇪🇺⛓️ The supply of @circle's EURC stablecoin is up from $78.4m to $236.1m in the past 365d.@ethereum & @solana host ~80% of the EURC supply. pic.twitter.com/m4l96jkUe5
— Token Terminal 📊 (@tokenterminal) June 24, 2025
Regulatory Changes Reshape the Stablecoin Landscape
The European Union’s MiCA framework prompted Tether to stop minting EURT, its previous euro-backed stablecoin, in late 2024. New compliance rules led many European exchanges to delist USDT spot pairs, although futures and custodial options remain.
In response, Tether is introducing MiCA-compliant stablecoins EURQ and USDQ through its Hadron platform in partnership with Quantoz. These new assets aim to retain Tether’s user base within the EU’s regulatory scope.
As USDT and USDC expand, broader legislative actions in the U.S., including the STABLE and GENIUS Acts, are attracting traditional financial institutions. These developments suggest more entities may soon enter the stablecoin market, reshaping competition.
