The market cap for stablecoins has reached a new high of $212.99 billion, with Tether's USDT continuing to dominate the market. Tether holds a 65.18% market share with a market cap of $138.83 billion, while Circle's USDC follows with a market cap of $50.86 billion and a market share of 23.88%. The top five stablecoins, including Ethena's USDE, DAI, and Sky Dollar's USDS, make up 92% of the total market share. There have been suggestions that new U.S. stablecoin legislation could require issuers to back their tokens with U.S. Treasury bonds, potentially impacting offshore stablecoin issuers like Tether.



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