The total supply of stablecoins has exceeded $221 billion, accounting for more than 1% of the U.S. dollar M2 money supply. Tether's market share decreased from 73% to 64%, while Circle's market share increased from 20% to 25%. New players like Ethena's USDe and Usual's USD0 are also making an impact. USDe added $5.9 billion, while USD0 grew by $1.1 billion. USDC's recent growth is attributed to its adoption beyond Ethereum's mainnet, particularly on Solana and Ethereum's layer-2 solutions. Circle CEO Jeremy Allaire believes that stablecoin issuers should be required to register in the U.S. to strengthen the company's presence and restrict rival Tether from expanding after relocating to El Salvador.



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