- World’s Largest Stablecoin: Tether’s USDT market capitalization has surged to around $170+ billion in 2025, accounting for roughly 58% of the entire stablecoin market [1] [2]. It dwarfs rivals like USDC (≈$50–60B) and DAI (~$15B), underscoring Tether’s dominance.
- Recent Breakthroughs: After years operating abroad, Tether is re-entering the U.S. market. It announced a new U.S.-domiciled stablecoin “USAT” to comply with fresh regulations [3] [4]. Tether is even in talks to raise $15–20 billion (at a $500B valuation) from investors [5] [6] – a deal that would rank it among the world’s most valuable fintech firms.
- Ubiquitous in Crypto Trading: USDT is the lifeblood of crypto markets – used in 65% of stablecoin trades on centralized exchanges [7] and forming one half of 70% of all decentralized exchange trades on Ethereum [8]. It provides deep liquidity for Bitcoin, altcoins, and DeFi tokens alike.
- Global Usage Booms: From DeFi protocols to remittances, Tether’s usage is skyrocketing. Emerging markets rely on USDT as a dollar substitute amid inflation – for example, Latin America (18% of Tether’s volume) and parts of Africa use it to hedge volatile currencies [9] [10]. Tron-based USDT transfers (fast and nearly fee-free) are especially popular in countries like Venezuela, Turkey, Nigeria, and Argentina [11].
- Regulatory Tailwinds: 2025 brought a wave of stablecoin regulation. In the U.S., the new GENIUS Act requires dollar stablecoins to be fully backed by liquid reserves and mandates monthly reserve disclosures [12] – a landmark law President Trump signed in July [13]. Globally, the EU’s MiCA framework and other jurisdictions are introducing clear rules, giving stablecoin issuers newfound legitimacy (and responsibilities).
- Market Impact & Reserves: Tether’s reserve holdings (cash and U.S. Treasuries) are so large that in 2024 it was the 7th-largest buyer of U.S. Treasury bills [14]. Analysts note that stablecoin issuers could soon become one of the top buyers of U.S. debt [15] – illustrating how intertwined Tether has become with traditional finance. High interest rates have turned Tether’s reserves into a profit engine (estimated $8+ billion annual yield on investments) that bolsters its stability.
- Competition Heating Up: Rival stablecoins are racing to catch up. Circle’s USDC – now a public company after a blockbuster IPO – remains the second-largest stablecoin and dominant in U.S. regulated markets [16]. Decentralized alternative DAI holds ~5% of the market [17], while newcomers like PayPal’s PYUSD and BlackRock’s USD (a private stablecoin venture) are growing [18] [19]. Even central banks are in the fray, piloting CBDCs (from China’s digital yuan to prospects of a digital euro) that could one day rival private stablecoins.
- Future Outlook – Trillions Ahead?: Experts predict explosive growth ahead. Coinbase projects the stablecoin market to reach $1.2 trillion by 2028, Standard Chartered predicts $2T, and Citi even forecasts $4T by 2030 [20]. Tether’s CEO Paolo Ardoino boldly targets $1 trillion for the new USAT coin within 3–5 years [21], reflecting sky-high optimism. But challenges remain – from ensuring transparency and trust to fending off competitors and navigating evolving regulations. The next few years will determine if Tether can maintain its lead in a rapidly maturing stablecoin ecosystem.
Tether’s Growing Dominance in 2025
A $170+ Billion Juggernaut: In October 2025, Tether’s USDT stands firmly as the world’s largest stablecoin by a wide margin. Its market capitalization tops $169–173 billion (pegged 1:1 to USD) [22] [23], an all-time high that signals surging demand. This is more than double its size at the start of 2024 [24], reflecting a massive inflow of capital into USDT as crypto markets rebounded. Tether now represents well over half of all stablecoin value globally [25]. (By comparison, the second-largest stablecoin, Circle’s USD Coin (USDC), has a market cap under $60B [26].) The sheer scale of USDT’s supply – and its sustained $1.00 peg – has solidified Tether as a linchpin of the digital asset economy.
Circulation and Blockchains: A key factor in Tether’s dominance is its wide availability across blockchains. USDT is issued on 13 different networks including Ethereum, Tron, Binance’s BNB Chain, Solana, Polygon, Arbitrum, and more [27]. This multichain approach makes USDT accessible on virtually every major crypto platform and exchange. In 2025, two networks in particular carry the lion’s share of Tether’s supply: Tron and Ethereum. Thanks to Tron’s ultra-low fees, it has become the single largest host of USDT tokens – by mid-2025 Tron’s USDT in circulation surged past $80 billion [28], slightly overtaking Ethereum’s USDT supply (Tron held about $3.9B more USDT than Ethereum at one point) [29]. Ethereum isn’t far behind, however. Between them, Tron and Ethereum handle the majority of USDT transactions (approximately three-quarters of all USDT activity) [30]. Ethereum remains crucial for USDT’s integration in DeFi and as a highly secure settlement layer, while Tron has become the workhorse for high-volume, low-cost transfers. Smaller portions of USDT’s ~$170B float reside on other chains – for example, BNB Chain, Solana, and Polygon each host a few billion USDT [31], catering to their user bases. This diversified presence insulates Tether from being beholden to any single blockchain’s congestion or fees and helps explain why “Tether (USDT) is available on several major blockchains like Ethereum, Solana and Tron” [32] – far more than any competitor stablecoin.
Trading Volume & Liquidity: USDT’s scale is matched by its unparalleled liquidity. On virtually every crypto exchange worldwide – from Binance and Coinbase to offshore platforms – USDT trading pairs are the norm. Traders flock to USDT as a convenient dollar-substitute, generating massive turnover. In fact, Tether is so ingrained in crypto markets that it consistently ranks among the top 3 most traded crypto assets globally by volume (often even surpassing Bitcoin and Ethereum in daily volume) [33]. On centralized exchanges (CEXs), roughly 65% of all stablecoin-based trade volume involves USDT [34], making it the default quote currency for crypto trading. The same holds in DeFi: on Ethereum’s decentralized exchanges (DEXs) like Uniswap, an estimated 70% of trades include a USDT pair [35]. Whether investors are swapping into altcoins or cashing out profits, they often park value in Tether during transitions. This deep liquidity and omnipresence in trading pairs reinforce a self-fulfilling dominance – every exchange needs USDT liquidity because that’s where the traders are, and traders gravitate to USDT because every exchange offers it in size. As one analyst noted, stablecoins (led by USDT) have become “the preferred settlement unit” for everything from on-chain trading to cross-exchange arbitrage [36]. The result: Tether is effectively the intermediary of choice for moving capital around the crypto ecosystem quickly and with minimal slippage.
Recent Growth Surge: 2025 has been a banner year for stablecoin growth, and Tether led the charge. In Q3 2025 alone, the total stablecoin supply jumped by an unprecedented ~$46 billion net [37], of which USDT contributed the largest share (about $19.6B in new USDT issued in the quarter) [38] [39]. This surge pushed the total stablecoin market above $300 billion for the first time [40]. Tether’s market share is about 58% at these levels [41] – a slight dip from ~68% a year prior [42] only because the pie is growing and new players are entering. In absolute terms, USDT’s growth has accelerated to roughly $10B in new tokens per month in 2025 [43]. This is the fastest expansion since early 2021’s crypto boom, indicating that fresh money is flowing into stablecoins at record pace. The growth is fueled by multiple tailwinds: renewed crypto market optimism, institutions warming up to stablecoins, higher yields on reserve assets (more on that later), and clearer regulations reducing fear of a crackdown. As Christian Harris, chief analyst at Investing.co.uk observes, “another key factor is the growth of onchain trading, DeFi, and remittances, where stablecoins are the preferred settlement unit” [44] – use cases that only strengthen as crypto adoption widens. All these forces have positioned Tether for what its executives believe could be an even more explosive trajectory ahead, with the company preparing infrastructure (and war-chests) for the next leg of expansion.
Recent News & Developments for Tether
Tether has never been far from the headlines, and the past few months are no exception. Several major developments in late 2024 and 2025 have reshaped Tether’s strategy and public profile, signaling a new chapter for the stablecoin giant:
- Return to the U.S. Market – Launching “USAT”: Perhaps the most consequential news is Tether’s plan to officially re-enter the United States after years of operating primarily overseas. In September 2025, Tether unveiled USAT, a forthcoming U.S.-based stablecoin designed specifically for American users [45]. This move is a direct response to the U.S. passing its first stablecoin law (more on that in the regulation section). USAT will be issued by Anchorage Digital Bank, one of the few crypto-friendly U.S. banks with a federal charter [46]. Tether tapped Bo Hines – a former White House crypto advisor – to helm the new U.S. venture as CEO [47]. The goal? To comply with U.S. regulations and take on domestic rivals like USDC on their home turf [48]. “We want people to know that Tether is here to participate in the U.S. economy in a huge way,” said Hines, emphasizing plans for “exorbitant” expansion in the next 1–2 years [49]. Tether’s CTO-turned-CEO Paolo Ardoino struck a confident tone at the USAT launch, casting it as an “exciting moment” after feeling “severe pressure from competitors that want a monopolistic environment in the United States” [50]. In Ardoino’s view, “Tether is the best product in the market” [51], and with regulatory clarity emerging, Tether is eager to match its overseas success in the American market [52]. This is a remarkable turn for a company that, only a few years ago, was effectively barred from parts of the U.S. (Tether settled with the New York Attorney General in 2021 and agreed to cease operations in NY after allegations about its reserves [53]). Now, armed with a U.S.-compliant stablecoin and a friendlier political climate, Tether is making a comeback stateside.
- Massive Fundraise & Sky-High Valuation: In parallel with product expansion, Tether is seeking to fortify its capital. News broke in September 2025 that Tether Holdings was in talks with strategic investors to raise a staggering $15–20 billion in private capital [54]. This raise – in exchange for only a ~3% stake – would value Tether at around $500 billion (half a trillion) [55] [56]. Such a valuation is almost unprecedented for a crypto-native firm. It would place Tether in the company of the world’s largest financial institutions and tech unicorns. For context, $500B would make Tether as large as some Big Tech giants – one report noted it’s on par with the valuation of OpenAI or a major global bank [57]. Tether’s CEO confirmed the fundraising discussions, saying the company is evaluating interest from a select group of high-profile investors [58]. While details are private, even the top-end rumors sent a message: the market is betting on Tether’s continued dominance. If successful, such an influx of capital could be used to further strengthen Tether’s reserves, invest in new technologies, or acquire strategic assets. (Notably, Tether already raised $600M in late 2023 at a lower valuation, in a round that included Cantor Fitzgerald buying a 5% stake [59] [60].) The mooted $20B raise in 2025 “resets expectations” for the stablecoin sector, as one analysis put it, redefining the scale at which these issuers operate [61]. It also underscores how profitable Tether’s business has become (thanks to interest earnings) that investors would consider a half-trillion valuation (for comparison, that’s more than the GDP of several small countries and higher than most fintechs).
- New Partnerships and Distribution Channels: Tether has been forging unconventional partnerships to widen its reach. One intriguing development is Tether’s partnership with Rumble Inc., a U.S.-based video streaming platform popular in conservative media circles. Tether made a $775 million investment in Rumble in 2024 for a nearly 48% stake in the company [62]. Now in 2025, Tether plans to leverage Rumble as a distribution channel for the new USAT stablecoin. The strategy: integrate a crypto wallet into Rumble to directly offer USAT to Rumble’s millions of users [63]. By leaning on a mainstream social/video platform (one that aligns with an audience that may distrust traditional banking), Tether hopes to on-ramp U.S. users en masse. Ardoino confirmed this plan to Bloomberg, indicating Tether will “lean on [the] video platform Rumble to help distribute tokens” as it seeks a foothold in America [64]. This is a novel approach, essentially turning a social media app into a stablecoin adoption vector. It also shows Tether’s willingness to invest its ample reserves into strategic bets (Rumble, potentially other fintech or infrastructure) to expand stablecoin usage beyond the crypto-native crowd.
- Tether’s Own Blockchain – Project “Plasma”: In addition to using existing blockchains, Tether’s sister company Bitfinex has developed a new blockchain network tailor-made for stablecoin transactions. Announced in 2025, this network called “Plasma” offers zero-fee transfers of USDT [65]. It’s built to be high-speed and optimized for payments, effectively aiming to compete with Tron (and others) by making USDT transfers feel instant and costless. Within weeks of launch, Plasma attracted over $8.7 billion in USDT deposits into its DeFi protocols, making it the fifth-largest blockchain by that metric virtually overnight [66]. The emergence of dedicated stablecoin networks like Plasma suggests Tether is hedging its bets on infrastructure – ensuring that if user demand shifts to cheaper, purpose-built rails, Tether will be available there too (and not exclusively tied to Tron or Ethereum’s fee models). And Tether isn’t alone: Stripe (the payments company) and Paradigm are working on a similar stablecoin-focused chain called “Tempo,” and Circle has plans for a network called “Arc” [67]. This trend could significantly lower friction for using stablecoins in everyday transactions. For Tether, Plasma could reinforce its dominance by offering what Tron already does (fast, free transfers) but under Tether/Bitfinex’s own governance.
- Sunset of Legacy Platforms: While expanding to new tech, Tether has also been phasing out support for outdated platforms. In August 2025, Tether announced it would wind down USDT on several legacy blockchains – including the original Bitcoin-based Omni Layer, as well as less-used networks like BCH’s SLP and others (which were among Tether’s first issuance platforms in its early years) [68]. The rationale is to streamline operations and concentrate liquidity where the activity is. This transition plan, while affecting a small minority of tokens, marks the end of an era – the Omni Layer on Bitcoin was where Tether first launched in 2014, but high fees and better alternatives made it obsolete. The vast majority of Tether users today are on Tron, Ethereum, etc., so consolidating to modern chains improves efficiency. It also aligns with Tether’s push toward purpose-built chains like Plasma going forward.
In summary, late 2025 finds Tether both aggressive and adaptive: It is raising huge capital, re-entering regulated markets, investing in distribution and technology, and pruning older tech – all while its core USDT product continues to grow at record speed. Each of these developments indicates Tether is preparing for the next phase of competition and growth, rather than resting on its market lead. As Ardoino’s team positions Tether to “participate in the U.S. economy in a huge way” [69] and possibly hit ten-figure user bases globally, the moves it’s making now will shape how and where stablecoins are used in the coming years.
How Tether’s USDT Is Being Used – From DeFi to Remittances
One reason Tether has thrived is the versatility and broad adoption of USDT across different use cases. Originally created as a simple bridge between crypto and dollars, USDT today powers an array of financial functions in the crypto economy – and even beyond it. Let’s break down Tether’s major usage domains in 2025:
1. Powering Crypto Trading (Centralized Exchanges):
Tether’s earliest and still most prevalent use is as a substitute for USD on cryptocurrency exchanges. Because actual U.S. dollars can be slow or restricted to move between exchanges, traders use USDT as a common denominator to price and trade thousands of crypto assets. On major global exchanges (Binance, OKX, Huobi, etc.), the base trading pairs for Bitcoin, Ether, and altcoins are often denominated in USDT. Even U.S.-based exchanges that once favored USDC have been listing more USDT pairs as global demand dictates. The result: roughly 65% of all stablecoin trades on centralized exchanges involve Tether [70], and an overwhelming share of crypto-to-crypto trades globally settle via USDT. It provides deep liquidity pools that reduce volatility when entering or exiting positions. For example, a trader can sell Bitcoin into USDT, then move USDT to another platform and buy another coin – all without touching a bank. This has made arbitrage and capital flows between exchanges much more efficient. In 2024, the total on-chain transfer volume of stablecoins (dominated by USDT) reached $27.6 trillion, which surpassed the combined volume of Visa and Mastercard transactions for that year [71]. That astonishing figure highlights how much payment and settlement activity stablecoins have absorbed, much of it attributable to exchange and trading transfers. In essence, USDT has become the inter-exchange settlement currency in lieu of the U.S. dollar – a role banks and wire transfers used to play for traders. This entrenched position means any crypto market participant, from hedge funds to retail investors, likely holds some USDT at times. It also means high velocity: USDT might bounce through multiple wallets and exchanges in a single day as it greases the wheels of trading. This utility is so critical that even skeptics of Tether find themselves using it because that’s where liquidity resides. Tether’s ubiquity on exchanges is self-reinforcing and continues to grow as crypto markets expand.
2. Core Collateral and Liquidity in DeFi:
Beyond centralized venues, USDT has become a staple in the world of Decentralized Finance (DeFi). On platforms like Uniswap, Curve, Aave, Compound, and newer layer-2 DEXs, USDT is a primary asset for liquidity pools and lending markets. More than 40% of stablecoin liquidity pools in DeFi include USDT [72] (often paired with another stablecoin or a major crypto like ETH), providing traders the ability to swap assets with low slippage. It’s common to see pools like USDT/USDC or USDT/DAI where USDT’s immense supply helps stabilize the pool’s price. USDT is also heavily borrowed and lent on money market protocols – traders borrow USDT to lever up on investments, or conversely park USDT to earn yield. In fact, by early 2025 approximately 70% of DEX trades on Ethereum involved Tether [73], reflecting how integral it is in DeFi trading pairs. Part of USDT’s appeal in DeFi is simply its market stature (people trust it will hold $1 value and be redeemable). Another part is that Tether has bridged USDT to many emerging networks – for example, Arbitrum, Polygon, Avalanche, and even layer-2s like zkSync and Base all support USDT [74]. This means as new DeFi ecosystems crop up, USDT is usually one of the first stablecoins available, seeding those ecosystems with a trusted unit of account. Its presence in yield farms, vaults, and as collateral for derivatives is ubiquitous. An estimated 76% of all USDT transactions in Q1 2025 took place on Ethereum and Tron combined [75] – Ethereum’s share largely driven by DeFi usage, while Tron’s by transfers. Notably, DeFi protocols often list multiple stablecoins to mitigate reliance on one, but USDT’s sheer volume often makes it the deepest. MakerDAO’s DAI (the largest decentralized stablecoin) even holds USDT as part of its collateral via third parties, illustrating how Tether is interwoven even into its competitors’ functioning. In summary, USDT provides much of the liquidity and stable pricing needed for DeFi to operate. It lets decentralized exchanges and lending platforms offer dollar-like functionality without actual banks. As DeFi grows (especially on faster chains in 2025), USDT remains a foundational building block.
3. Cross-Border Payments and Remittances:
In a use case that bridges crypto and the real world, Tether’s USDT has emerged as a major tool for remittances and international payments, especially in regions with unstable local currencies. For people in countries facing double or triple-digit inflation, capital controls, or limited banking access, holding money in U.S. dollars is highly desirable – and stablecoins are providing a digital workaround to access dollars. Latin America is a prime example: roughly 18% of Tether’s global usage now comes from Latin American users [76], where citizens in countries like Argentina and Venezuela use USDT to store savings and shield against inflation. These economies have seen USDT adoption soar as an alternative when the local peso or bolivar is rapidly losing value. A report in 2024 noted that Argentinians were buying USDT and USDC in huge volumes amid 100%+ inflation, even causing slight premiums on stablecoin prices locally [77]. In some cases, everyday merchants now accept USDT for payments – over 6,000 businesses in Latin America were accepting Tether by early 2025 to bypass currency devaluation [78]. The trend repeats in other developing regions. In parts of Africa, for instance, users in Nigeria, Kenya, and South Africa drive most of the continent’s Tether demand [79], using USDT to get around limited access to USD and strict forex rules. Proponents highlight that stablecoins enable quicker, cheaper international payments and can help bring financial services to people who lack traditional bank access [80] – a use case Tether often touts in its marketing.
A key enabler for remittance use has been Tron’s TRC-20 version of USDT, which offers near-zero transaction fees (often <$0.01) and fast confirmation times [81]. Many exchanges and wallet apps have integrated Tron USDT specifically for this reason. Major crypto exchanges like Binance default to TRC-20 USDT for withdrawals now [82], making it easy for users to send USDT across borders at virtually no cost. According to CryptoQuant data, Tron regularly handles far more daily USDT transactions than Ethereum – for example, on a given day Tron processed 5x the USDT transfer volume of Ethereum (e.g., $6.94M vs $1.31M in value on June 29, 2025, in one comparison) [83]. This indicates huge flows of USDT moving between individuals, likely many of them doing peer-to-peer money transfers, remitting earnings, or paying for imports in dollar terms. In inflation-hit countries like Turkey or Nigeria, people have also turned to USDT as a day-to-day currency for large purchases or online commerce, when the local currency is volatile or when banks impose withdrawal limits. TRC-20 USDT has been described as a “practical alternative banking system accessible via mobile devices” in places like Venezuela, Turkey, Nigeria, and Argentina [84]. All that’s needed is a smartphone with a crypto wallet app – no bank account required – to send and receive stable value globally. This democratization of dollar access is a powerful driver of Tether’s growth that is largely independent of speculative crypto trading. Notably, 26% of U.S.-based remittance users have already used stablecoins like USDT or USDC for cross-border transfers, according to a 2025 research study [85] [86]. Their reasons: lower fees and faster speed compared to Western Union or bank wires, as well as the ability to directly hold value in USD-equivalents without a U.S. bank. As digital and financial literacy improves, these numbers are likely increasing.
4. Commercial Payments and Merchants:
Stablecoins are also gradually making inroads in retail and B2B payments. Aside from the Latin American merchant adoption mentioned, globally there are startups issuing crypto debit cards linked to USDT balances, allowing users to spend USDT at any Visa/Mastercard accepting store (the card converts to fiat at swipe time). Some online businesses, freelancers, and exporters in regions with hard currency shortages have started quoting prices in USDT or requesting payment in Tether to avoid local currency conversion. For example, an IT contractor in Ukraine or a virtual assistant in Nigeria can get paid by a client in Europe instantly with USDT, sidestepping international banking delays and fees. Proponents argue stablecoins can settle international business transactions 24/7, in minutes instead of days, which is a game-changer for global commerce [87] [88]. There are reports of import-export businesses in Asia using USDT to pay Chinese suppliers, as it’s easier than dealing with dollars through banks. While these use cases are still nascent compared to trading and remittances, they represent a broader trend of stablecoins entering mainstream finance and commerce. Tether itself has been vocal about these benefits – both Tether and Circle frequently highlight how their stablecoins serve “unbanked and underbanked populations” and facilitate inclusion [89]. Each quarter, Tether publishes attestations and reports that often include real-world success stories of USDT aiding people in distressed economies or being used for charity and disaster relief transfers where traditional banking is too slow or corrupt. This positive use narrative is part of Tether’s image rehabilitation, emphasizing the legitimate and socially beneficial side of USDT usage to counteract negative press about illicit finance (which we address later).
In summary, Tether’s USDT has evolved from a traders’ tool to a multipurpose digital dollar. It underpins crypto market liquidity, drives yield in DeFi protocols, enables millions in emerging markets to store value in dollars, and increasingly plays a role in everyday payments and remittances. The stablecoin’s ability to maintain a steady $1 value with high liquidity is the common thread making all these uses possible. As long as people trust that 1 USDT will redeem for $1, they are willing to use it in place of actual dollars in a variety of contexts. This utility has created a network effect that new stablecoin entrants struggle to replicate. Every new use case (from an exchange listing to a remittance corridor) expands Tether’s reach and makes USDT more indispensable, reinforcing its dominance. However, this vast usage also attracts regulators’ attention and requires Tether to maintain absolute integrity of its peg and reserves – a nice segue into the legal and regulatory developments shaping Tether’s trajectory.
Legal and Regulatory Developments Impacting Tether
The stablecoin realm has long operated in a gray area, but by 2025 regulators worldwide moved toward clearer rules – and Tether, often a lightning rod in the past, is directly feeling these changes. Let’s break down the key regulatory and legal developments as they pertain to Tether (USDT) and how they shape the landscape:
United States – The GENIUS Act and a Warmer Stance:
The most pivotal development is the United States enacting its first comprehensive federal stablecoin legislation in mid-2025. In July, the U.S. Congress passed (and President Donald Trump promptly signed) the “GENIUS Act”, creating a regulatory framework for U.S. dollar-pegged stablecoins [90] [91]. This law was a watershed moment: it legitimizes stablecoins as a form of payment under federal oversight. Key provisions of the GENIUS Act require that stablecoin issuers: (1) maintain 100% reserve backing in high-quality liquid assets (like cash or short-term U.S. Treasuries), (2) submit to monthly disclosures of their reserve composition, and (3) if operating in the U.S., obtain a license or charter (potentially as special payment institutions or banks) [92] [93]. In essence, the law aims to ensure that a stablecoin is as safe as holding dollars in a bank, by enforcing transparency and full collateralization. Treasury Secretary Scott Bessent had advocated for such rules, noting they could foster innovation while mitigating systemic risks [94]. Even Federal Reserve Chair Jerome Powell endorsed the move, telling Congress “We need a stablecoin framework” and applauding that lawmakers were establishing clear standards [95]. This bipartisan support (perhaps surprising given U.S. regulatory crackdowns in years prior) reflected a strategic shift: regulators acknowledged stablecoins’ growing role and sought to bring them into the regulatory perimeter rather than push them out.
For Tether, however, the U.S. market had essentially been closed since its 2021 settlement with the NYAG and CFTC. Tether chose to incorporate offshore (notably in the crypto-friendly jurisdiction of El Salvador [96], where it’s now based) and serve non-U.S. customers. The GENIUS Act changed the calculus. It provided a path for foreign stablecoin issuers to get reciprocity in the U.S. if they meet equivalent standards [97]. Ardoino noted that USDT itself could choose to comply as a “foreign” stablecoin under the Act while launching a separate U.S.-issued coin (USAT) to directly serve Americans [98] [99]. Tether quickly seized the opportunity: within weeks of the law’s passage, they announced the USAT plan and appointed Bo Hines to lead U.S. operations [100]. The message was clear – Tether no longer wants to be locked out of the world’s largest economy. The company’s enthusiasm was evident when Ardoino personally visited the White House: “July 18, I was shaking the hand of President Trump… a very expedited journey,” he remarked, reflecting on the rapid regulatory turnaround [101]. President Trump’s administration has been markedly pro-crypto in this timeline: Trump campaigned on making the U.S. the “crypto capital of the world” and appointed crypto-friendly officials to key agencies [102]. Since taking office in January 2025, his regulators have dismissed or delayed several enforcement actions against major crypto firms [103]. For Tether, this political climate is a far cry from the hostile scrutiny of prior years, essentially flipping the script to “open for business.” One could say Tether’s fortunes in America did a 180 – from pariah to a potential welcomed player, all thanks to the new law and administration’s stance [104].
Of course, Tether’s entry into a regulated U.S. environment will come with ongoing oversight. The GENIUS Act presumably puts agencies like the Federal Reserve and OCC in a supervisory role over stablecoin issuers. Anchorage Digital Bank, which will issue Tether’s USAT, already falls under the OCC’s purview due to its federal charter [105]. This means Tether will have to ensure strict compliance, regular audits of reserves, and cybersecurity standards for its U.S. operations. That’s a big cultural shift for a company often criticized for opacity in the past. But Tether appears to have accepted that trade-off to tap into U.S. markets. In fact, Ardoino has said USDT (the original offshore coin) will also adhere voluntarily to the spirit of the law – continuing public attestations of reserves and maintaining high-quality assets – to reassure users globally [106]. The law may indirectly pressure Tether to keep improving transparency; any major deviation could jeopardize their U.S. plans or invite new bans. Notably, transparency was a key issue in Tether’s past legal troubles – the CFTC fined Tether $41 million in 2021 for making misleading claims about its reserves (e.g. that Tether was fully backed at all times, which was not true for certain periods) [107]. Under today’s rules, such reserve misreporting would not fly; regulators and possibly independent auditors will be watching.
Another aspect of the U.S. law is that it reinforces the dominance of the U.S. dollar in crypto. By explicitly creating a pathway for USD-backed stablecoins, it all but guarantees that the dollar remains the primary unit for digital asset trades and payments, rather than, say, a decentralized algorithmic coin or a foreign currency stablecoin. Some supporters of the law in Congress argued it “reinforces the U.S. dollar’s dominance in global financial systems” [108] because stablecoins effectively spread dollar usage to blockchain networks worldwide. Tether’s USDT has long been doing that – it is literally a vehicle for dollarization in many places. Now with legal acceptance, this effect might amplify. (It’s telling that even as the U.S. embraced stablecoins, China’s central bank digital currency (CBDC), the e-CNY, has not made a dent internationally; most global crypto trade still pairs to USD stablecoins, not yuan, underscoring the dollar’s staying power.)
Europe – MiCA and Stricter Oversight:
Across the Atlantic, the European Union has taken its own approach. The Markets in Crypto-Assets (MiCA) regulation, passed in 2023, began rolling out its provisions in 2024 and 2025. MiCA includes specific rules for stablecoins (termed “e-money tokens” or “asset-referenced tokens” in EU parlance). By June 2024, any significant stablecoin issuer operating in Europe must be licensed and comply with reserve and prudential requirements similar to a financial institution [109]. One key concept MiCA introduces is “significant” stablecoins – those that meet large thresholds (for example, over 10 million users or over €5 billion in circulation) will face extra oversight by the European Banking Authority (EBA) [110]. Tether’s USDT would almost certainly be classified as significant under these rules (it far exceeds €5B value). This means Tether will likely have to register or designate an entity in the EU, provide regular reports to EBA, and potentially adhere to caps on volume if any are imposed. MiCA also requires stablecoin issuers to have robust governance and risk management, and they must maintain 1:1 reserve backing (very similar to the U.S. approach) and rights for holders to redeem tokens for fiat.
Though Tether is not a European company, if it wants USDT to be used by Europeans through compliant exchanges and fintechs, it must play ball with MiCA. We haven’t seen public statements from Tether on MiCA compliance yet, but given that major exchanges plan to register under MiCA, Tether will be indirectly pressured to ensure USDT meets the standards so that exchanges can list it. The timeline is end of 2024 for many MiCA provisions, so 2025 is a transitional period. We might see Tether partnering with a European entity or seeking an e-money license in an EU member state to satisfy these rules. The UK similarly has signaled it will regulate stablecoins under existing payments law (the UK Treasury has talked about bringing stablecoins into the payments regulatory perimeter, and the incoming Financial Services and Markets Act is expected to do so). As of 2025, the UK is likely to treat systemic stablecoins as equivalent to payment systems, meaning oversight by the Bank of England for any systemic coin. USDT’s footprint in the UK is smaller (as many UK exchanges were using regulated e-money like USDC or GBP-based stablecoins), but that could change if Tether formally enters these markets under compliant structures.
Asia and Other Regions:
Elsewhere, approaches vary. Hong Kong in 2024 announced plans to institute a stablecoin licensing regime by 2024–25, aiming to attract regulated stablecoin activity as part of its crypto hub ambitions. It’s plausible that by late 2025, Hong Kong’s rules (likely under its Monetary Authority) require issuers to be licensed and have reserves audited. Given Tether’s close connections to Asia (a huge portion of USDT trading and usage is in Asia [111]), we can expect Tether to engage with these regimes as needed. Singapore has had a framework (the PSA) for digital payment tokens which could apply to stablecoins; it also signaled intent to ensure 1:1 backing for stablecoins and cap their usage for certain big ones unless regulated. Japan actually legalized stablecoins issued by banks and trust companies in 2023 (effectively barring foreign stablecoins until recently), but in 2024 it opened up to allow certain foreign stablecoins under supervision. Tether, interestingly, launched a JPY-pegged stablecoin “JPYT” years ago, though it’s small – the regulatory climate may spur more such local stablecoins. Middle East: jurisdictions like UAE (Dubai) have been crypto-friendly and might also accommodate stablecoin issuers with special zones.
Law Enforcement and Compliance:
Despite friendlier regulations, Tether still faces scrutiny regarding illicit finance. Stablecoins can move value pseudonymously, so regulators worry about money laundering, sanctions evasion, etc. A United Nations official made waves in 2024 with a report alleging USDT had become a “preferred choice” for criminal activities in East and Southeast Asia – essentially claiming Tether was popular among money launderers moving funds out of China [112]. Tether publicly criticized the UN report as one-sided, arguing it “singles out USDT… while ignoring its role in helping developing economies” [113]. This tension encapsulates Tether’s dual image: on one hand a tool for the unbanked and oppressed, on the other hand a tool for bad actors – the truth is it can be both, as is the case for cash itself. Regulators in the U.S. and EU will expect Tether to step up compliance. Already, Tether uses blacklisting on Ethereum and other chains to freeze addresses when law enforcement requests (e.g., in cases of hacks or seizures). In a regulated U.S. coin (USAT), one can expect full Bank Secrecy Act compliance – KYC for issuances/redemptions and monitoring of transactions. The GENIUS Act likely mandates certain compliance reporting as well. All these measures aim to mitigate the risk that stablecoins could undermine anti-money-laundering (AML) regimes.
For users, an interesting dynamic may emerge: USDT (offshore version) might remain more permissive in usage, whereas USAT (onshore) could be more tightly surveilled. This could sustain a two-tier market – those who need censorship-resistance may stick to the original USDT outside U.S. jurisdiction (bearing any risk that entails), while mainstream users and institutions opt for the fully regulated coin. Ardoino has said USDT and USAT will be interoperable and swappable 1:1 [114], aiming to provide a seamless experience despite regulatory differences. But from a legal perspective, Tether will want to keep the U.S. regulators happy by ensuring USAT’s circulation in the U.S. follows all rules. The presence of Anchorage as issuer and Cantor Fitzgerald as custodian for reserves [115] suggests a serious approach to compliance and traditional finance integration.
Tether’s Past Settlements and Ongoing Responsibilities:
It’s worth recalling that Tether’s checkered past with regulators set the stage for its current more transparent posture. In February 2021, Tether and its affiliate exchange Bitfinex settled with the New York Attorney General, paying $18.5 million and agreeing to a ban on trading in New York, after the NYAG found Tether had at one point covered up a shortfall in reserves (via a loan from reserves to Bitfinex) and misrepresented the backing of USDT [116]. That case forced Tether to start publishing quarterly reserve breakdowns. Later in October 2021, the CFTC fined Tether $41M for similar reasons at the federal level [117]. Since then, Tether has tried to clean up its act – it cut commercial paper holdings from its reserves, hired accounting firms (currently BDO Italia) to attest to reserves monthly, and regularly reassures the public of its conservatism. These legal episodes are important because they’ve shaped how Tether is viewed by regulators in 2025. The question regulators often had was: Can we trust Tether to actually have the money? With new laws, Tether doesn’t have a choice: it must have the money and prove it, or it will be shut out. Tether appears to have adapted. Its latest attestations show, for example, over 84% of reserves in cash, cash equivalents, and short-term Treasuries [118], and Tether even reports significant excess reserves (a capital buffer of a few billion above what’s needed for redemptions). This kind of disclosure, while not a full audit, is part of the new normal under regulatory gaze. As an aside, Tether’s parent has also proactively reduced riskier activities – e.g., it says it has eliminated secured loans on its balance sheet (loans of USDT to other parties) by 2023–24, after criticism from the IMF and others. Moves like that are intended to smooth the path with regulators, showing Tether is not an unruly shadow bank but a willing participant in the system if allowed.
Global Coordination or Fragmentation:
Globally, regulators are attempting to coordinate on stablecoin standards via bodies like the Financial Stability Board (FSB), which in 2022–23 published recommendations for stablecoins that closely match what the U.S. and EU ended up doing: 1:1 backing, redemption rights, prudential supervision. So in many respects, we’re seeing a convergence toward treating big stablecoins like regulated e-money issuers or narrow banks. Even smaller jurisdictions are following suit. For example, Hong Kong’s SFC has indicated stablecoin reserves must be of high quality and issuers licensed by 2024, UAE’s VARA in Dubai has rules for reserve audits for stablecoin issuers, etc. This means Tether will either have to fragment into different legal entities per region (one for U.S., one for EU, one for Asia, etc.) or find a way to comply broadly in a unified manner. The cost of compliance is rising, which ironically could cement leaders like Tether and Circle because smaller upstart stablecoins may not afford the legal overhead. Indeed, we already see banks and large fintechs launching their own fully backed stablecoins (like JPMorgan’s JPM Coin for institutional use, or in 2025, reports of Standard Chartered planning an HK dollar stablecoin [119]). Tether will likely face competition from these regulated entrants, but it also validates Tether’s model.
In conclusion, 2025 marks the start of the “regulated era” for Tether and stablecoins. The company that once operated in regulatory limbo is now embracing (or at least accepting) licensing and oversight to expand its business. The U.S. opening up is the biggest win for Tether – it not only provides growth opportunities, but also symbolically removes the stigma that Tether was unwelcome in mainstream finance. However, with opportunity comes responsibility: Tether will be expected to uphold rigorous standards, cooperate with authorities (e.g., freeze illicit funds when instructed), and ensure stability under stress. Any major hiccup – like a failure to meet redemption, or a scandal in reserves – would invite swift regulatory backlash now that rules are in place. So far, Tether seems to be navigating the new landscape pragmatically, beefing up its transparency and compliance teams. If it succeeds, Tether could transition from an outsider to a globally recognized (and supervised) part of the financial infrastructure, much like large payment processors or money market funds – a scenario almost unthinkable a few years ago. As the World Economic Forum noted in 2023, clear and uniform regulations “can help expand the use of stablecoins” [120] by bringing trust and integration with traditional finance. We are now seeing that play out, with Tether at the forefront of the transformation.
Tether’s Role in Global Markets and Macroeconomic Impact
Beyond the crypto sphere, Tether and its stablecoin peers are increasingly influencing global financial markets and liquidity flows. As USDT’s scale has grown, it’s no longer just a crypto curiosity – it’s a significant pool of dollar-denominated funds with real-world linkages. Here’s how Tether is intertwining with the broader macroeconomic landscape:
Major Buyer of U.S. Debt: Perhaps the most eye-opening statistic is how much in traditional assets Tether holds to back USDT. By late 2024, Tether disclosed holding over $72 billion in U.S. Treasury bills (short-term government debt) among its reserves, and that amount has likely risen further in 2025 [121]. In fact, Tether said that in 2024 alone it purchased $33.1 billion of Treasuries, which according to the company made it the 7th largest holder of U.S. T-bills in the world at that time [122]. This is a staggering figure – it means Tether sits alongside (or even above) sovereign wealth funds and big nations in terms of T-bill ownership. J.P. Morgan analysts have noted this trend and estimated that stablecoin issuers collectively could become the third-largest buyer of U.S. Treasury bills in coming years if growth continues [123]. The implications are twofold: (1) Tether has become a notable participant in the traditional money markets, funneling crypto liquidity into financing the U.S. government short-term. (2) Tether’s fortunes are tied to the health and stability of those markets – for instance, it must manage interest rate risk on its bond portfolio and ensure it can liquidate assets quickly to meet redemptions. During 2022–2023 when interest rates rose sharply, Tether actually benefited because higher T-bill yields meant more revenue (which Tether largely kept as profit or capital cushion). Now in 2025, with U.S. rates still high, Tether’s portfolio yields are significant – contributing to what DeFi Llama estimates as over $8 billion in annualized revenue for Tether from its reserve investments [124] [125]. This effectively makes Tether a massive money market fund in all but name, just without being formally in the U.S. financial system until recently. It also raises the stakes: any volatility in Treasury markets or a U.S. default scare could impact stablecoins. But regulators likely take comfort that Tether is mostly in ultra-safe T-bills nowadays, rather than in opaque commercial paper as in the past. The macro effect is interesting – crypto stablecoins have ended up funding a slice of the U.S. government’s short-term borrowing needs, and by extension, strengthening the global role of the dollar. One analysis by Axios even suggested that by backing stablecoins with Treasuries, the U.S. government indirectly supports the dominance of USD in the crypto economy, creating a symbiotic relationship [126] [127].
Global Dollar Liquidity via Stablecoins: Tether’s global reach means it distributes dollar liquidity to places the traditional banking system might underserve. For example, a market-maker in Asia can convert local currency to USDT and effectively hold U.S. dollar assets that can earn yield or be used for trade, even if they don’t have easy access to USD bank accounts. This democratization of dollar liquidity can have macro consequences. Some economists have speculated that in countries with strict capital controls (like China), stablecoins provide a shadow channel for capital flows – residents can acquire USDT to skirt regulations. While exact volumes are hard to pin down, there’s anecdotal evidence of Chinese OTC markets trading billions in USDT, suggesting a portion of capital flight from yuan to USD happens via stablecoins [128]. This could subtly affect foreign exchange dynamics, though likely still a small piece relative to official flows. On a positive note, stablecoins can bring resilience: for instance, when conflict or crises hit (such as the Ukraine war or economic collapse in Lebanon), humanitarian aid or fleeing citizens have used stablecoins to move funds when banking failed. So Tether in aggregate serves as a global liquidity pool that can be tapped instantly, 24/7, which is quite novel compared to banking liquidity constrained by business hours and jurisdictions.
Crypto Market Stability and Central Bank Analogs: Within the crypto market, Tether acts as a sort of central bank or lender of first resort in times of stress. When crypto prices crash, many traders sell into USDT for safety, which can cause short-term surges in USDT’s market cap (as people swap volatile coins for stablecoins). Conversely, in manic bull runs, traders might redeem stablecoins to cash out to fiat or rotate into risk assets, potentially contracting stablecoin supply. Because Tether stands ready to issue or redeem USDT, it performs a balancing act akin to a central bank maintaining a currency peg. It needs to ensure it can meet large redemptions (like a bank run scenario) – in 2022 after the Terra stablecoin collapse, Tether redeemed over $10B in a week without breaking the peg, which was a big credibility test. Its huge reserve of liquid assets is what instills confidence that USDT = $1 even during market panics. In 2025 so far, markets have been on an upswing, so net issuance is the theme; but Tether must always watch for signs of stress. Interestingly, research has looked at whether Tether’s issuances lead Bitcoin price rises or follow them. The company insists it only issues USDT when there is equal demand/dollars coming in, not to pump markets. In a regulated environment, such concerns should be alleviated by audits. Still, Tether’s sheer scale means any issue with USDT could be a “systemic risk” to the crypto market, much like a major bank failing would be in traditional finance. This is why regulators (and even the U.S. Treasury in its 2021 report) were concerned about a stablecoin run affecting broader markets. Now that Tether is more integrated (holding T-bills), some worry has shifted – a run on Tether might force it to liquidate Treasuries rapidly, possibly causing minor turbulence in short-term funding markets, though Tether’s size is still modest relative to the $20+ trillion U.S. debt market.
Influence on Crypto Lending and Rates: Tether’s reserves earning ~5% yields means it has significant profits. Tether has stated it does not pay interest to USDT holders (unlike some newer algorithmic or regulated stablecoins that pass through yield). Instead, Tether’s revenue accrues to its shareholders (and presumably to building a capital buffer). However, the existence of this yield has spurred competition. For instance, Coinbase’s USDC started offering institutional clients a share of interest, and decentralized protocols like Curve issue governance tokens to effectively subsidize stablecoin liquidity with yields. Tether, by not directly paying users, leaves room for crypto lenders and exchanges to entice users by offering yield on USDT deposits – those yields come either from lending USDT out at higher rates or from giving users a cut of the Treasuries income indirectly via promotions. Thus, Tether’s interest income, while off-chain, affects on-chain stablecoin lending rates. We see DeFi lending rates for USDT often in the 3-8% APY range depending on demand (which are higher than traditional banks, partly reflecting crypto credit risks and partly competition for that yield). If U.S. interest rates change (say, drop sharply if the Fed cuts rates in a future recession), Tether’s revenue would fall, potentially reducing those indirect benefits and possibly the attractiveness of holding so much USDT idle. However, users might then deploy USDT elsewhere for yield, balancing it out. In short, Tether has become a large financial intermediary, and macro conditions like interest rate changes directly influence the stablecoin ecosystem’s dynamics.
Maintaining the Dollar Peg & FX Stability: Tether’s commitment to a $1 peg could also have subtle effects on currency markets. For example, if a lot of people in Turkey buy USDT with lira, Tether (through intermediaries) will accumulate lira that it likely converts to USD reserves; this is akin to capital outflow from lira to dollars, which could weaken the lira. In effect, stablecoins facilitate a digital dollarization which might put pressure on weak currencies (some central banks like those in Argentina or Nigeria are very aware of stablecoins for this reason). On the flip side, stablecoins haven’t proven large enough yet to move major FX markets for strong currencies. But consider: the total stablecoin supply (~$300B) is already larger than the money supply (M0) of many countries. If it continues to expand into the trillions, we might see central banks needing to account for stablecoins in money supply metrics or currency substitution effects. In 2030, perhaps economists will talk about “crypto dollar supply” in the same breath as offshore eurodollars.
Integration with Traditional Finance: 2025 also saw signs of traditional finance integrating stablecoins. For instance, Mastercard partnered with a crypto firm (Immersive/Chainlink) to let users settle card transactions in stablecoins, expanding stablecoin utility via its network [129]. Some banks like Bank of America signaled intent to explore stablecoins [130]. BlackRock’s involvement in USDC reserves and its rumored own stablecoin ventures show the lines are blurring [131]. As stablecoins like USDT become regulated, they might start appearing in fintech apps, PayPal (already launched PYUSD stablecoin [132]), Stripe’s merchants, etc. This could dramatically increase usage (and thus supply) – for example, if a popular messaging app were to integrate USDT for peer-to-peer payments, millions of new users could come on board. Tether’s investment in Rumble fits this theme of integrating with mass platforms. The broader macro effect is that stablecoins might become a parallel global payments network, operating 24/7 and at times circumventing correspondent banking. In fact, by volume they already process trillions more than some legacy networks as mentioned. Governments and banks are aware of this – hence the urgency on CBDCs and also partnerships to leverage stablecoins rather than fight them.
In sum, Tether today sits at the intersection of crypto and macro markets. It takes in dollars (and other currencies), circulates digital dollars globally, holds traditional assets as backing, and feeds those assets’ returns back into the crypto ecosystem. It has become a crucial bridge of liquidity between fiat and crypto. Its existence has likely accelerated the globalization of crypto markets (by making USD liquidity universal) and contributed to the dollar’s continued primacy in the digital realm. However, it also means traditional market risks can transmit to crypto (e.g., if U.S. government default worries hit T-bill prices, stablecoin holders could grow jittery) and vice versa (if, say, a stablecoin crisis forced asset fire-sales, it could momentarily impact money markets). So far, both Tether and the market have navigated these interdependencies without major hiccups beyond normal volatility. But it’s a space that central bankers are now monitoring – indeed, Powell compared stablecoins to “money market funds and bank deposits” that need prudential regulation back in 2021 [133], and now that is happening.
To boil it down: Tether has graduated from a niche crypto project to a major player in global liquidity, and its actions and stability matter on a macro scale. The coming years will reveal whether this new hybrid model (part fintech, part shadow bank, part central bank for crypto) can be sustained and integrated smoothly into the world’s financial architecture.
Competition: USDC, DAI, and the Rise of New Stablecoins (and CBDCs)
Tether may be the market leader, but it is not alone in the stablecoin space. The landscape in 2025 is increasingly crowded with competitors, each vying for a piece of the booming digital dollar pie. Here’s a look at Tether’s key competitors and how the race is unfolding:
USD Coin (USDC) – The Main Rival:
USDC is to Tether what Coke is to Pepsi – the second-largest stablecoin, positioned as a more transparent and regulated alternative. Issued by Circle (in partnership with Coinbase via the Centre consortium), USDC’s circulation is about $45–60 billion as of 2025 [134]. This is roughly one-third of USDT’s supply, though USDC’s market share has fluctuated. Circle’s strategy has been compliance-first: USDC voluntarily publishes monthly audited reserve reports and has (until recently) been more favored by U.S. institutions. In June 2025, Circle went public on the NYSE via a blockbuster IPO raising over $1 billion [135] – a move that boosted its credibility and resources for expansion. Circle’s CEO Jeremy Allaire often emphasizes USDC’s full reserve backing and regulatory adherence, making it appealing for businesses and fintechs that require a fully regulated stablecoin (for example, Stripe and Visa have used USDC for pilot programs in settlements). With the new U.S. stablecoin law, Circle appears well-positioned; indeed, Circle has applied for U.S. bank charters in the past and indicated it will comply with whatever federal licensing is needed [136]. While USDT’s trading volume is higher in Asia and crypto-native circles, USDC dominates in certain niches: most notably, it’s widely used in U.S. exchanges and was historically the base asset for many DeFi protocols (MakerDAO’s DAI is heavily collateralized by USDC, for instance). However, USDC did face headwinds in 2023–2024, such as a temporary depeg when a portion of reserves were locked in a failed bank (Silicon Valley Bank). That event caused some users to reevaluate risk and ironically drove flows back to Tether. Still, USDC has regained momentum, especially with Circle’s growing partnerships (e.g., BlackRock manages Circle’s USD reserve fund, giving institutional polish). As of 2025, Circle’s USDC has around a 20% stablecoin market share and is actively trying to “close the gap” with USDT [137] [138]. One strength is USDC’s multi-currency push: Circle has launched euro (EUROC) and other fiat stablecoins, whereas Tether’s non-USD tokens (EURT, CNHT, etc.) remain small. Another angle is programmability – Circle promotes USDC for use in smart contracts and enterprise blockchain applications. The competitive dynamic is interesting: Tether leads in emerging markets and trading, Circle leads in U.S. institutional adoption. With the U.S. now open, Tether clearly plans to challenge Circle on its turf, but Circle has first-mover advantage in regulatory goodwill. Both are likely to grow as the overall pie expands, but Tether will fight to retain crown. Circle’s own projections (Coinbase’s report) of a $1.2T stablecoin market by 2028 [139] certainly assume USDC claims a big chunk of that.
MakerDAO’s DAI – Decentralized Contender:
DAI is the largest decentralized stablecoin – meaning it’s not issued by a central company but generated by users locking crypto collateral in smart contracts (MakerDAO system). Circulating DAI is around $10–15 billion (roughly ~4–5% of the stablecoin market) [140]. For a long time, DAI was seen as the anti-Tether: fully transparent on-chain collateral and managed by a DAO, addressing concerns over Tether’s opacity. However, ironically, over the years MakerDAO itself chose pragmatism and started holding centralized collateral (like USDC, and even some tokenized treasuries) to keep DAI stable. By 2025, DAI is in large part backed by real-world assets and other stablecoins, not just crypto. MakerDAO is even paying out high savings rates (Maker’s DSR) to attract DAI holders, using yield from those real-world assets. DAI’s share has actually declined from earlier peaks because it could not scale as fast as USDT/USDC (and some decentralized stablecoin experiments like UST failed, making investors cautious). Still, DAI has a loyal user base in DeFi who value its censorship resistance (relative to something like USDC which can be frozen by its issuer). If regulatory crackdowns ever hit centralized stablecoins, DAI could serve as a backup dollar in DeFi. MakerDAO has also been exploring becoming more independent of USDC – recently they talk of a project “Endgame” which might introduce a new token backed by protocol-owned assets. From Tether’s perspective, DAI is more a co-traveler than direct competitor; Tether even coexists with DAI by providing liquidity on Maker (via Paxos and USDC). So while DAI competes in supply, it’s not an adversarial rivalry; DAI’s growth or shrinkage often depends on how attractive it is to mint DAI vs just holding USDT/USDC. Tether likely isn’t worried about DAI overthrowing it, but DAI is important to mention as part of the ecosystem especially for those who emphasize decentralization.
Emerging and Niche Stablecoins:
The 2024–2025 period has seen an explosion of new stablecoins entering the fray, each targeting different niches or innovations. A few notable ones:
- PayPal USD (PYUSD): In 2024, fintech giant PayPal launched its own dollar-backed stablecoin on Ethereum [141]. By 2025, PYUSD’s supply is modest (a couple billion at most [142]), but its significance lies in PayPal’s vast user base. PayPal can integrate the stablecoin for payments among its 400M users, potentially making it the first stablecoin many non-crypto folks use. If PayPal pushes PYUSD in international remittances or merchant payments, it could nibble at use cases that Tether also targets. For now, though, PYUSD is minor in trading circles (not widely listed outside PayPal’s own interfaces).
- BlackRock’s USD (nickname uncertain): The mention of “BlackRock’s USD, the seventh-biggest stablecoin” in one market report [143]hints that the asset management behemoth BlackRock might have issued or backed a stablecoin-like instrument, possibly for institutional use. BlackRock was managing Circle’s reserves and also filed for Bitcoin ETFs etc. It’s conceivable BlackRock or another large asset manager could create a “stablecoin fund” that tokenizes money market fund shares. If that happened (e.g., a token redeemable for a share in a T-bill fund), it could pose a serious competitor to Tether among institutional holders, since it would be highly regulated and possibly yield-bearing. As of 2025, no mainstream BlackRock token is openly trading, so this might refer to something like Circle’s Reserve Fund tokenization. Nonetheless, the involvement of huge financial names underscores that stablecoins are seen as lucrative and strategic. As Tether’s co-founder Reeve Collins observed, “Every large institution, every bank, everyone wants to create their own stablecoin, because it’s lucrative and just a better way to transact” [144]. This flood of entrants – from banks (JPM Coin, Signet from Signature Bank, though that bank failed in 2023) to fintechs – means Tether will face stiffer competition in regulated environments.
- Algorithmic and Yield-Generating Stablecoins: A new wave of stablecoins like Ethena’s USDe or UXD aim to offer stability plus yield by using financial engineering (like futures and interest rate strategies). For example, USDe added about $9B in Q3 2025 [145], grabbing attention as a yield-bearing stablecoin. These designs attract users by sharing some of the interest (so holders effectively earn an APY without staking). However, they come with additional complexity and risk (hedging failures could break the peg). Regulators, especially in Europe, are cautious about these – Ethena’s model has already drawn increased scrutiny [146]. While such stablecoins are far smaller than Tether, they represent an innovation frontier. Tether itself might consider whether to offer yield (thus far they have not, likely to avoid being deemed a security or fund). If yield-generating stablecoins gain popularity, Tether could face outflows unless it stays competitive (for instance, USDT holders might move to a coin that pays 4% if they deem it safe enough). So far, Tether’s brand trust has outweighed that lure, but it’s an area to watch.
- Local Currency Stablecoins: Tether issues some, like EURT (Euro Tether) and CNHT (offshore Chinese yuan), and competitors issue others (like EURS, etc.). None are anywhere near USDT’s size because the demand for digital euros or yuan outside official CBDCs is not huge yet. However, one could imagine if a region like Europe clamped down on USD stablecoins but allowed a Euro stablecoin, that could grow. Tether’s co-founder recently predicted “all currency will be on blockchain… dollars, euros, or yen” by 2030 [147], meaning eventually every major fiat might have a stablecoin version widely used. Tether may aim to be the issuer of multiple currencies (there’s also MXNT for peso, etc.), but so far those are marginal. Governments might sponsor or favor local-currency stablecoins to reduce dollar dependence – an emerging competitive angle.
CBDCs – Central Bank Digital Currencies:
No discussion of stablecoin competition is complete without addressing CBDCs. These are digital currencies issued by central banks, essentially the official version of a stablecoin. As of 2025, around 130 countries are exploring CBDCs, and a few have launched (China’s e-CNY is the largest pilot, used by tens of millions domestically; smaller nations like the Bahamas (Sand Dollar) and Nigeria (eNaira) have also launched). However, CBDCs so far are primarily for domestic retail use and have not been integrated into the open crypto economy. China’s digital yuan, for instance, is used via mobile apps in certain cities for retail payments – it’s not freely interchangeable with USDT or listed on global exchanges. So in the near term, CBDCs are more of a complement or even catalyst for stablecoin adoption rather than a direct competitor. They familiarize people with digital currency concepts, but because they are controlled by central banks, they may have limitations (e.g., tracking, non-anonymity, limits on holdings) that make privately issued stablecoins more attractive in contexts like cross-border transfers or DeFi.
That said, central banks are certainly eyeing cross-border CBDC use in the long run. If, for example, the European Central Bank issues a digital euro that is easy for businesses to use, it could reduce some reliance on USDT/EURT for euro transfers. Or if the U.S. Federal Reserve eventually issued a digital dollar (FedCoin), it could either coexist with private stablecoins or attempt to crowd them out by offering a risk-free government-guaranteed token. However, the U.S. seems less keen on a retail CBDC now (especially under a pro-crypto administration; also Congress is debating anti-CBDC bills on privacy grounds). So private stablecoins likely have a window of several years to continue growing. Reeve Collins’s view is that eventually “even fiat currency will be a stablecoin… essentially money on a blockchain” [148] – whether that’s issued by governments or private entities is the big question. It could end up a mix (some public, some private, interoperable perhaps).
For Tether, a U.S. CBDC would be the biggest potential threat, but there’s none on the immediate horizon. A digital euro or digital yen might erode Tether’s smaller EURT/JPY stablecoins but not USDT’s core business, which is global USD liquidity. In contrast, Tether might worry more about regulated bank deposit tokens: if big banks tokenize deposits, corporate treasurers might prefer those over holding USDT. JPMorgan’s JPM Coin (used internally by the bank’s clients for settlement) is an early example – not public, but showing banks want in.
Competitive Outlook:
The stablecoin field is likely to consolidate around a few big players and many niche ones. Right now, Tether (USDT) and Circle (USDC) collectively have ~80%+ of the market [149], a duopoly of sorts. USDT has the volume and head start; USDC has the regulatory-friendly image. It’s reminiscent of Visa vs. Mastercard or two major banks. Other players like DAI and PYUSD fill niches (DeFi purists, PayPal users respectively). Unless there’s a major misstep by Tether, it’s hard to see it losing the number one spot in the next year or two – its lead is substantial. But its future growth might be a bit slower percentage-wise as the stablecoin pie diversifies and new use cases (like stablecoin blockchains and payments) bring new types of coins into circulation (for instance, if Stripe’s Tempo chain issues a native stablecoin for transactions, that could create competition). Tether’s approach seems to be: join them if you can’t beat them. By launching USAT for the U.S., it competes with USDC on compliance turf. By investing in Plasma, it competes with new infrastructure. Tether even has a gold-backed token (XAUt) for those wanting hard-asset stable value, and it’s reportedly seeking to raise funds to expand its tokenized gold reserves – looking for at least $200M for its XAUt gold token business [150], meaning Tether sees demand in diversifying beyond just USD stablecoin.
In competing with centralized tech and finance giants, Tether’s edge is being crypto-native and quick to adapt. But giants have resources and trust. For example, if Apple or Google decided to launch a stablecoin-like wallet with instant USD transfers, that could onboard billions of people rapidly (though they’d likely use partners like Circle rather than do it themselves due to regulatory hassle). Tether will hope that by the time such entrants move, it has entrenched itself globally and maybe improved its own image.
Bottom line: Tether leads, but it’s running harder than ever because challengers are coming from all sides – other stablecoin issuers, traditional banks, fintech firms, and eventually central banks. This competitive pressure is actually beneficial for end users as it drives lower fees, better transparency, and more innovation (like zero-fee blockchains). For instance, when Circle and others increased transparency, Tether had to follow suit to not be seen as inferior. And when Binance decided to auto-convert user balances to its own stablecoin BUSD in 2022 (a short-lived maneuver), it forced Tether to ensure broad exchange support so it couldn’t be marginalized. BUSD, incidentally, collapsed in 2023 due to regulatory action on its issuer Paxos – a reminder that regulatory risk can take out even a top-3 stablecoin, which allowed Tether to scoop up even more market share then.
Looking ahead, collaboration might also play a role: we may see common standards, or cross-chain bridges allowing stablecoins to move between networks (projects like LayerZero and Axelar are already enabling swaps between USDT on different chains [151]). If the industry grows to multi-trillions, there’s room for multiple winners – some analysts think by 2030, we won’t talk about stablecoins as something separate; they’ll just be part of how money moves. As Reeve Collins said, “All currency will be a stablecoin… just called dollars, euros, or yen on a blockchain” [152]. Tether’s ambition is clearly to be the provider of those, or at least the USD part, on a global scale. Whether it achieves that or cedes some territory to the circles, paypals, and central banks of the world will depend on how well it navigates the next few years of competition and trust-building.
The Road Ahead: Risks and Opportunities for Tether and Stablecoins
As Tether sails through 2025 at the top of the stablecoin economy, it faces a future ripe with possibility – and not without peril. To conclude, let’s examine the key opportunities and risks that lie ahead for Tether (and by extension, the stablecoin sector):
Opportunities and Upside:
- Mainstream and Institutional Adoption: Now that regulatory clarity is improving, a huge door opens for Tether to integrate with mainstream finance. We could see stablecoins used in everyday banking apps, fintech platforms, and corporate treasuries. Tether’s partnership with Rumble and Bitfinex’s Plasma blockchain are steps toward mainstream user bases. If Tether can strike deals with payment processors, e-commerce platforms, or even governments (for example, some countries might consider accepting stablecoins for taxes or remittances), USDT’s utility would skyrocket. Every additional use case (paying salaries, settlement between banks, etc.) could add tens of billions in demand. Coinbase’s bullish forecast of a $1.2 trillion stablecoin market by 2028 [153], and Citi’s $4T by 2030, illustrates the belief that stablecoins could capture a meaningful chunk of global money movement. Tether, as current market leader, stands to capture a large piece of that growth if it maintains its position. For instance, if stablecoins start replacing wire transfers for cross-border trade, the volume could be enormous (global remittances alone are ~$700B/year, much of which could eventually flow through stablecoins, not to mention B2B payments in the trillions).
- New Revenue Streams: With great scale comes great profit potential. Already, Tether’s earnings from investing reserves are huge (billions per year) [154]. As interest rates eventually normalize lower, that might shrink, but Tether could find other revenue models – perhaps offering services like payment processing, merchant solutions, or even lending against reserves (carefully, to avoid risk). One intriguing opportunity: if Tether’s USAT venture becomes an officially chartered stablecoin issuer in the U.S., could it access Federal Reserve interest on reserve balances or accounts? Right now, those juicy yields go to Tether’s own portfolio; but down the line, Tether could explore sharing some yield with users to fend off competition (like an “USDT savings rate”). This could attract more capital into USDT if needed. Additionally, Tether has branched to things like Tether Gold (XAUt) – if institutional investors want tokenized gold or other assets, Tether could expand its product line (imagine a world with not just USDT, but EURT, XAUT, maybe a digital commodity basket, etc., making it a multi-asset financial firm).
- Emerging Markets Growth: As highlighted, countries with unstable currencies have been a big source of adoption. That trend is sadly likely to continue in places facing economic turmoil. If inflation persists in parts of Latin America, Africa, Middle East, those populations will increasingly dollarize via stablecoins. Every new smartphone essentially becomes a bank account for USDT. Tether, by virtue of first-mover advantage and brand, could become the de facto bank for millions of unbanked/underbanked (if not directly, via local exchanges and agents who deal in USDT). This has humanitarian upside (financial inclusion) and business upside (wider user base, network effects). Tether’s name is already recognized in communities from Lagos to Buenos Aires; nurturing that by working with local fintech startups could widen the moat against a purely U.S.-centric rival like USDC.
- Technological Innovation: The crypto tech stack is evolving fast – layer 2s, cross-chain bridges, improved privacy features, etc. Tether can leverage these to make USDT more user-friendly and secure. For example, implementing privacy-preserving transactions (with regulatory guardrails) could make USDT attractive for legitimate users who value cash-like privacy. Or adopting smart contract features that allow things like recoverable wallets (in case of lost keys) might reduce friction for mainstream users. Since Tether is not tied to one chain, it can adopt innovations from any chain (like Lightning Network channels for Bitcoin-based USDT, or integration with Web3 identity solutions). If Tether stays agile and incorporates the best tech, it can provide a better product than slower-moving competitors or central banks.
- Reputation Rehabilitation: With increasing transparency and regulatory compliance, Tether has an opportunity to finally shake off the shadows of its early reputation. Each successful audit or crisis handled will build confidence. If, in a few years, Tether is seen as a stable, well-regulated institution, it could potentially even collaborate with central banks or SWIFT rather than be seen as an opponent. Already, the passage of stablecoin laws legitimizes the sector – supporters of the U.S. law argue it “legitimises the asset class” [155]. As trust solidifies, more conservative investors (like traditional money market fund users) might dip into stablecoins, knowing there’s legal recourse and transparency. Tether’s challenge is to maintain impeccable records in this new era – if it does, its brand could evolve from controversial to almost mundane and accepted, which is what you want for something that aspires to be part of everyday finance.
- Global Financial System Influence: If stablecoins hit the multi-trillions and Tether remains a top issuer, Tether could have a non-trivial voice in global finance. It might participate in policy discussions, set industry standards, or form partnerships with banks. (One could envision Tether eventually going public or merging with a large financial entity if regulators allow, further cementing its position.) Paradoxically, a once renegade startup might become an establishment player. This would help ensure the longevity of stablecoins as a concept.
Now, Risks and Challenges:
- Regulatory Reversals or Restrictions: While 2025 has been positive on the regulatory front for Tether, that can change. Politics are fickle: a different U.S. administration might take a harsher view on private stablecoins (for instance, some U.S. lawmakers still worry about stablecoins potentially replacing bank deposits and impacting Fed control). If any major economy decided to ban or heavily restrict stablecoin usage in favor of its CBDC, that could cut off markets. For example, if the EU after MiCA decided “only EU-supervised entities can issue stablecoins to Europeans” and didn’t allow foreign ones, Tether might need a European subsidiary or partner or risk losing that market. Geopolitical tensions could also bite – e.g., if U.S.-China relations worsen, there might be scrutiny on stablecoin flows to China (though Tether is not U.S.-based, U.S. can still sanction companies). There’s also the chance of regulatory fragmentation: differing rules in each country making it complex for Tether to offer a uniform product. Navigating global compliance could raise costs and slow expansion. Tether will need a strong legal and lobbying strategy to mitigate regulatory whiplash.
- Competition Eating Market Share: As covered, rivals are aplenty. It’s possible that over time, USDC (or another) gains on Tether – say, if USDC secured big partnerships with global banks or if it was perceived as safer in a crisis (maybe due to FDIC insurance or something if it became a narrow bank). Or a tech giant could roll out a user-friendly stablecoin wallet that indirectly shifts users to a competitor. Tether’s new foray into the U.S. is not guaranteed success – a Bernstein analyst noted Tether faces an “uphill battle” launching a new U.S. stablecoin from scratch, given Circle’s head start and the need to build trust among U.S. institutions [156] [157]. If USAT fails to gain traction (maybe banks and fintechs stick with USDC and users too), Tether might remain mostly an offshore champion, ceding the regulated market growth to others. Additionally, in DeFi, if more projects like Frax, LUSD (smaller decentralized stablecoins) innovate or if DAI’s revamp succeeds, they could carve niches that slowly chip away at USDT dominance in certain communities. We could envision a future where Tether is still huge but only, say, 30% of the market, with others making up the rest – that could reduce its influence and profitability (since more competition often means tighter margins, maybe even some pressure to waive fees or give interest).
- Loss of Peg or Reserve Crisis: The nightmare scenario for any stablecoin is a loss of the peg (devaluation) or inability to redeem one-to-one. If Tether ever faced a run that exceeded its liquid reserves or a scenario where its assets tanked (e.g., a default on a large portion of its holdings), it could break the buck. That would be catastrophic not just for Tether but the crypto market at large, given how embedded USDT is. Tether’s management of reserves and risk is thus critical. They have improved quality of reserves (mostly T-bills now), but risks remain – for example, operational risks (losing access to bank accounts, or a large hack/theft of reserves). Also, concentration risk: Tether’s business ties (if a key banking partner fails or a custodian holding its Treasuries has issues, it could face short-term liquidity crunch). There’s also user panic risk: even unfounded rumors in the past have caused USDT to momentarily trade below $1 on exchanges (e.g., in 2018 it dipped to ~$0.90 during a bank scare). With social media, panic can spread fast. Tether must maintain strong communication and perhaps formal safeguards (like lines of credit or access to central bank swap lines in the future?) to weather storms. If a peg break did occur and wasn’t quickly fixed, users might permanently lose trust and flock to alternatives, effectively ending Tether’s reign. So far, Tether has been resilient and even quite nimble in crises, but as the system gets bigger, the stakes also get bigger.
- Security and Technological Risks: Tether operates on multiple blockchains – a smart contract bug or bridge hack on any of those could potentially result in lost or stolen USDT. While Tether can freeze tokens (and has, in incidents of theft), a major hack could undermine confidence. Similarly, custody of reserve assets is concentrated; those need top-tier security. Internally, Tether likely has keys to mint USDT – those keys being compromised would be a disaster (imagine hackers minting billions of fake USDT). Tether has to maintain banking relationships in an environment where crypto banking has been volatile (as seen with Silvergate, Signature banks shutting down). If Tether’s access to the traditional financial system were cut (de-banking), it would struggle to manage inflows/outflows effectively. In short, operational resilience is a risk area.
- Macro Factors: Certain macroeconomic shifts could have mixed effects. For instance, if global inflation abates and emerging markets stabilize, the urgency to use stablecoins as inflation hedges might reduce (though people rarely drop a convenient solution once they adopt it). Alternatively, if the U.S. dollar significantly weakened or the Fed dramatically cut interest rates, stablecoins might see slower growth (during low-rate bull markets, people sometimes prefer to hold actual crypto instead of stablecoins, as seen in 2021 when stable supply plateaued a bit while coins soared). On the other hand, if a global financial crisis hits, perhaps trust in banks dips and some capital flows into stablecoins (unless authorities restrict it).
- Convergence with CBDCs: In a scenario where major central banks successfully launch and proliferate their own digital currencies, the private stablecoin market might shrink or transform. Tether might need to adjust its model – maybe pivot to providing tech or services around CBDCs rather than issuing its own. It’s a risk in that Tether could be outcompeted by the “source of truth” (the central bank itself) if governments create user-friendly CBDCs. However, given the pace of government tech projects, Tether likely has some years before this becomes a direct threat.
Long-term Vision vs. Short-term Realities:
Tether’s leadership appears extremely bullish. Paolo Ardoino projecting a trillion-dollar market cap for USAT by 2030 [158] is a statement of intent – that Tether expects to capture mass adoption on a national scale. Reeve Collins talking about all money being on chain by 2030 [159] suggests they believe the total addressable market is essentially all of finance. These visions could come true if things break their way: stablecoins could indeed become as common as email, especially for younger generations comfortable with digital wallets. On the flip side, finance is a heavily regulated, inertia-bound industry – changes can be slow. 2030 is not far, and while $300B to $1T growth in stablecoins happened, going to $4T or more will involve integration with mainstream finance that might be slower than tech optimists hope. We could see speed-bumps like conservative consumers or businesses still preferring traditional bank deposits out of habit or insurance, limiting stablecoins mostly to the crypto-savvy or specific niches (trading, remittances).
That said, stablecoins solve real problems (speed, cost, inclusivity), so they likely won’t disappear. Even central bankers admit stablecoins address needs. The question is in what form they flourish. Tether’s bet is that a private company can continue to innovate faster and distribute broader than centralized entities. The opportunity is enormous: consider the remittance market – hundreds of billions that could be done at fraction of cost via stablecoins; or the foreign exchange market – multi-trillions daily, where stablecoins could eventually allow 24/7 FX swaps without correspondent banks. Tether could expand beyond USD – imagine if it partnered to create a stablecoin for BRICS countries or something, to fill voids in cross-currency settlement.
However, with great power comes scrutiny. If Tether grows too influential, it may face new regulatory pressures – similar to how Facebook’s Libra proposal in 2019 was shot down by regulators fearing a private global currency. Tether has flown under the radar by focusing on being a practical tool rather than a disruptor narrative, but eventually it will be seen as systemic in crypto and perhaps even in certain dollar markets.
Potential Risks Summary:
- Regulation: New restrictions or losing licenses.
- Competition: Losing market share to USDC, etc., or tech giants.
- Market event: Peg break, run on reserves, major hack.
- Perception: If any scandal (like reserve mismanagement) re-emerges, trust could collapse quickly in an internet-fueled bank run.
- Macro changes: Lower yields, currency regime changes, etc., altering the growth trajectory.
Potential Opportunities Summary:
- Mass adoption: More users globally for payments and savings.
- Integration: Working with banks/fintechs for seamless stablecoin use.
- Innovation: Stay ahead with fast, cheap, secure networks (like Plasma) and possibly new features.
- Financial inclusion: Cement itself as the go-to for millions who lack stable local finance, which also is a positive PR and regulatory goodwill point (i.e., “don’t kill stablecoins, they help people”).
In closing, Tether stands at a crossroads between continued explosive growth and the necessity of maturity. It weathered early storms to reach a position of strength. The next phase will require balancing its disruptive, entrepreneurial spirit with the responsibilities and expectations of being a cornerstone of the digital financial system. If it navigates this well – keeping regulators satisfied, users happy, and competitors at bay – Tether could remain on top and even help shape how money functions in the internet age. If it falters, the beauty of the competitive market is that others are ready to step in, and the stablecoin concept itself will carry on.
From the vantage point of October 2025, all signals point to stablecoins like Tether’s USDT becoming only more ingrained in global finance. “Stablecoins have become an integral asset class,” notes the World Economic Forum, but “they face integration hurdles and transparency issues” [160] [161] – a succinct summary of where we are. For Tether, the mission is clear: preserve trust, embrace sensible regulation, keep innovating, and expand access. Do that, and the potential rewards are immense – not just in valuation, but in reshaping financial access worldwide. Fail, and the fall could be equally dramatic. For now, Tether is firmly in the driver’s seat of the stablecoin revolution, steering into a future where digital dollars (and other currencies) flow as freely and ubiquitously as information on the internet. The coming years will reveal how smooth that journey will be, but it’s certain to be one of the most closely watched in finance and tech alike.
References
1. www.reuters.com, 2. www.dlnews.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. coinlaw.io, 8. coinlaw.io, 9. coinlaw.io, 10. coinlaw.io, 11. cryptopotato.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. coinlaw.io, 18. www.dlnews.com, 19. www.dlnews.com, 20. www.dlnews.com, 21. www.dlnews.com, 22. www.reuters.com, 23. www.reuters.com, 24. coinlaw.io, 25. www.dlnews.com, 26. www.weforum.org, 27. coinlaw.io, 28. cryptopotato.com, 29. cryptopotato.com, 30. coinlaw.io, 31. coinlaw.io, 32. www.weforum.org, 33. coinlaw.io, 34. coinlaw.io, 35. coinlaw.io, 36. www.dlnews.com, 37. cointelegraph.com, 38. cointelegraph.com, 39. cointelegraph.com, 40. www.dlnews.com, 41. www.dlnews.com, 42. coinlaw.io, 43. www.dlnews.com, 44. www.dlnews.com, 45. www.reuters.com, 46. www.reuters.com, 47. www.reuters.com, 48. www.reuters.com, 49. www.reuters.com, 50. www.reuters.com, 51. www.reuters.com, 52. news.bloomberglaw.com, 53. www.dlnews.com, 54. www.reuters.com, 55. www.reuters.com, 56. www.reuters.com, 57. www.dlnews.com, 58. www.reuters.com, 59. defillama.com, 60. defillama.com, 61. finance.yahoo.com, 62. news.bloomberglaw.com, 63. news.bloomberglaw.com, 64. news.bloomberglaw.com, 65. www.dlnews.com, 66. www.dlnews.com, 67. www.dlnews.com, 68. tether.io, 69. www.reuters.com, 70. coinlaw.io, 71. www.weforum.org, 72. coinlaw.io, 73. coinlaw.io, 74. coinlaw.io, 75. coinlaw.io, 76. coinlaw.io, 77. www.chainalysis.com, 78. coinlaw.io, 79. coinlaw.io, 80. www.weforum.org, 81. coinlaw.io, 82. cryptopotato.com, 83. cryptopotato.com, 84. cryptopotato.com, 85. www.blockchainresearchlab.org, 86. www.blockchainresearchlab.org, 87. economics.td.com, 88. www.weforum.org, 89. www.weforum.org, 90. www.reuters.com, 91. www.reuters.com, 92. www.reuters.com, 93. www.blockhead.co, 94. www.reuters.com, 95. www.blockhead.co, 96. www.reuters.com, 97. www.reuters.com, 98. www.reuters.com, 99. www.dlnews.com, 100. www.dlnews.com, 101. www.dlnews.com, 102. www.dlnews.com, 103. www.dlnews.com, 104. www.dlnews.com, 105. www.reuters.com, 106. www.reuters.com, 107. www.weforum.org, 108. www.weforum.org, 109. www.ashurst.com, 110. cointelegraph.com, 111. www.weforum.org, 112. www.dlnews.com, 113. www.dlnews.com, 114. www.dlnews.com, 115. www.reuters.com, 116. www.dlnews.com, 117. www.weforum.org, 118. coinlaw.io, 119. www.weforum.org, 120. www.weforum.org, 121. www.reuters.com, 122. www.reuters.com, 123. www.reuters.com, 124. defillama.com, 125. defillama.com, 126. www.weforum.org, 127. www.weforum.org, 128. www.weforum.org, 129. www.blockhead.co, 130. www.weforum.org, 131. www.dlnews.com, 132. cointelegraph.com, 133. www.blockhead.co, 134. www.weforum.org, 135. www.reuters.com, 136. www.reuters.com, 137. cointelegraph.com, 138. cointelegraph.com, 139. www.dlnews.com, 140. coinlaw.io, 141. cointelegraph.com, 142. cointelegraph.com, 143. www.dlnews.com, 144. cointelegraph.com, 145. cointelegraph.com, 146. cointelegraph.com, 147. cointelegraph.com, 148. cointelegraph.com, 149. cointelegraph.com, 150. coinmarketcap.com, 151. coinlaw.io, 152. cointelegraph.com, 153. www.dlnews.com, 154. defillama.com, 155. www.weforum.org, 156. www.dlnews.com, 157. www.dlnews.com, 158. www.dlnews.com, 159. cointelegraph.com, 160. www.weforum.org, 161. www.weforum.org
