Tether’s USDT stablecoin continues its dominance in the cryptocurrency market, reaching an all-time high supply of USD 156.1 billion (approximately Rp 2.5 quadrillion) as of June 25, 2025. This significant milestone highlights USDT’s enduring popularity among cryptocurrency users and investors.
The vast majority of this supply, around 90%, is concentrated on just two networks: Ethereum and Tron. This concentration underscores the strategic importance of these networks within the USDT ecosystem.
Dominasi USDT di Pasar Stablecoin
Tron (TRX) alone hosts over half (50.47%) of the total USDT supply. Ethereum (ETH) holds nearly 40%, further consolidating the dominance of these two blockchain networks.
Less than 10% of USDT’s total supply is distributed across other blockchains, including BNB Chain, Solana, Cosmos, and Avalanche. This uneven distribution indicates a preference for certain networks over others within the stablecoin market.
In contrast, USDC, another prominent stablecoin, exhibits a broader distribution. For example, Solana holds nearly USD 7.5 billion in USDC compared to only USD 2.3 billion in USDT. Despite USDC’s growing popularity, USDT’s overall market share remains largely unchallenged.
Tantangan Regulasi dan Strategi Tether
Currently, USDT holds a commanding 62.10% share of the overall stablecoin market, with USDC trailing at approximately 24%. However, USDT’s dominance experienced a slight decline towards the end of 2024, coinciding with the implementation of the EU’s MiCA stablecoin regulations.
Instead of complying with MiCA, Tether chose a different path, withdrawing from certain markets. This strategy included halting the issuance of EURT and facing delisting from several major exchanges.
Tether’s refusal to fully disclose its reserves and its subsequent strategic retreat raise concerns about transparency and future market stability. The passing of the US GENIUS Act could present further challenges for Tether given its substantial market share.
However, experts remain uncertain about the GENIUS Act’s potential to force Tether out of the US market completely. Tether’s focus has shifted towards Asia, where it remains a leading choice for cryptocurrency payments, particularly on the Tron network.
Prediksi Pasar Stablecoin di Masa Mendatang
US Treasury Secretary Scott Bessent predicted that the stablecoin market will surpass USD 2 trillion by 2028. This forecast was made during a Senate Appropriations Committee hearing on June 11, 2025, where he discussed the expanding role of stablecoins in US fiscal strategy.
Bessent expressed strong support for legislation requiring stablecoins to be backed by cash or short-term US Treasuries. He cited an investment bank’s projection that the Genius Act could expand the stablecoin market from its current USD 240 billion valuation to USD 2 trillion by the end of 2028.
This substantial growth projection is contingent upon increased demand for US government securities, indicating a significant shift in market dynamics within the cryptocurrency landscape. This further emphasizes the growing importance of regulatory frameworks and their impact on the future trajectory of stablecoins.
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The future of USDT and the broader stablecoin market remains uncertain, shaped by regulatory pressures, technological advancements, and evolving market dynamics. While USDT maintains a significant lead, the landscape is far from static, with competitors and regulatory bodies constantly vying for influence. The ultimate outcome will depend on how Tether and other stablecoin issuers adapt to the evolving regulatory environment and the changing preferences of cryptocurrency users.
