Tether Holdings CEO Paolo Ardoino announced the company will focus on markets outside the US

The Genius Act, supported by the crypto industry, has moved through the Senate, while a separate bill from the House Financial Services Committee is still awaiting a full vote.

Tether Holdings is turning its attention to markets outside the U.S., as Congress makes progress on new rules for stablecoins.

The Genius Act, which has industry support and has moved through the Senate, would create new standards for stablecoins used in the U.S. and require issuers to maintain reserves in liquid assets. A separate bill from the House Financial Services Committee is still awaiting a full vote.

Ardoino said that Tether is monitoring how the Genius Act treats foreign versus domestic issuers.

“We are going to be compliant with whatever is decided. But the main interest will remain on the U.S. markets.”

Tether, which is based in El Salvador, issues USDT, the world’s largest stablecoin, which had a 60% market share at the start of 2025. Its reserves include U.S.-compliant assets like cash and short-term treasuries. But others, like Bitcoin and secured loans, wouldn’t meet the proposed standards.

Top 4 stablecoins: Q1 2024 vs Q1 2025

StablecoinValue Q1 2024Billion USDValue Q1 2025Billion USDCentral bank digital currencies (CADC)s are quickly gaining ground in the evolving landscape of global finance. These digital forms of fiat money, issued and managed by central banks, promise to introduce new levels of efficiency and transparency to monetary policy and financial inclusion.

In the first quarter of 2025, the total value of the top 4 stablecoins has undergone significant shifts, showcasing the dynamic nature of the cryptocurrency market in response to regulatory trends and institutional adoption.

Relative to the last quarter of 2024, there has been a complete turnover in the top 4 ranking of stablecoins.

As of March 31, 2025, Tether’s USDT remains the dominant stablecoin, with a market share of over 60%. Despite a slight decrease from $77.2 billion in Q4 2024, Tether’s flagship token still commands an impressive balance.

Following closely is Circle’s USDC, known for its strong emphasis on regulatory compliance. USDC has seen a substantial growth from $34.5 billion in Q1 2024 to $39.7 billion, highlighting the increasing appeal of fully compliant stablecoins for institutional investors.

Earlier this year, Circle announced it would be winding down its own liquid recovery fund for crypto lenders, which was launched in the wake of the 3AC bankruptcy to help institutions in financial distress.

Coming in third place is TrueUSD (TUSD), a liquid stablecoin that is fully backed by a basket of fiat currencies. TrueUSD has seen a slight decrease in value from $5.6 billion to $5.3 billion.

Completing the top 4 is Binance USD (BUSD), a stablecoin issued by Binance and pegged to the U.S. dollar. BUSD has undergone a significant decline from $16.4 billion to $9.6 billion.

The significant shifts in the stablecoin market are a testament to the ongoing evolution of the cryptocurrency landscape. As institutions continue to enter the crypto space and regulators become more active in setting new rules, we can expect to see further changes in the coming year.