Crypto News Today: Tether’s USDt Surpasses $150 Billion Market Cap as Company Eyes U.S. Expansion

USDt now dominates 61% of the stablecoin market amid record adoption and upcoming U.S. reentry plansTether’s USDt (USDT) has officially surpassed a $150 billion market capitalization for the first time, solidifying its dominance in the global stablecoin ecosystem. Despite regulatory limitations in several developed markets, USDt now commands 61% of the total stablecoin supply, according to CoinMarketCap.Key Highlights:USDt market cap hits $150B on May 12, 2025Tether’s circulating supply has grown 36% year-over-yearUSDt represents 61% of global stablecoin market, followed by USDC at 25%Tether plans to launch a new U.S.-compliant stablecoin later this yearActive stablecoin wallets surged 50%, from 19.6M to 30M over the past yearStablecoins Powering Crypto LiquidityTether’s massive milestone underscores its vital role in crypto trading liquidity, DeFi activity, and cross-border transactions. As the world’s largest stablecoin, USDt is often viewed as a proxy for cryptocurrency demand, reflecting investor activity and capital inflows across exchanges and Web3 platforms.New data from Dune and Artemis confirms surging adoption:Over the past 12 months, the number of active stablecoin wallets jumped from 19.6 million to 30 million, a 50%+ increase.Tether Eyes U.S. Market Entry With New StablecoinAlthough Tether has historically limited access to U.S. users due to regulatory uncertainties, the company is preparing to reenter the American market with a domestic, dollar-backed stablecoin.“A domestic stablecoin would be different from the international stablecoin,”said Tether CEO Paolo Ardoino during the Token2049 conference in Dubai, according to CNBC.This comes as U.S. lawmakers advance legislation including the STABLE Act, backed by House Financial Services Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil.Regulatory Debate Intensifies Over Stablecoin OversightThe STABLE Act has faced criticism from regulatory experts. Former CFTC Chair Timothy Massad expressed concerns during a February congressional hearing, warning that the bill:Risks fragmented state standardsLacks ongoing federal oversightOffers an “inadequate review process” for issuers like TetherNonetheless, Tether has stepped up its lobbying efforts in Washington, aiming to shape the legal framework for U.S.-based stablecoins.