The global stablecoin market has experienced significant growth in early 2025, with Tether (USDT) reporting a 13% increase in users during the first quarter, driven largely by adoption in emerging markets such as Argentina, Brazil, and Nigeria. Tether's CEO Paolo Ardoino stated that the company's user base has reached approximately 400 million, with USDT serving as a digital dollar in regions facing economic instability and limited access to traditional banking. Tether is planning to expand into the US market by launching a new US-domiciled stablecoin designed to meet upcoming American regulatory requirements and cater to institutional finance and payments. The company aims to align this product with the evolving regulatory landscape in the United States. Recent data shows a notable shift in stablecoin activity across blockchain platforms. In the past week, the supply of USDT and USDC on the Tron network increased by $1.52 billion, while the supply on Ethereum decreased by $1.02 billion. On Ethereum, stablecoins now represent 62% of ETH's market capitalization, and USDC trading volume has surpassed that of ETH, a trend last seen during a previous bear market. The overall stablecoin market capitalization has risen to $229.6 billion as of April 2025, up from $203.7 billion at the end of 2024. The market cap of stablecoins on the Tron network reached $66.2 billion in Q1 2025, marking a 10.2% quarter-over-quarter increase. Standard Chartered Bank forecasts that the total stablecoin supply could reach $2 trillion by 2028, citing favorable US regulatory developments, particularly the proposed Genius Act. The bill, which passed the Senate Banking Committee by a vote of 18 to 6, would require stablecoin issuers to hold short-duration US Treasury bills. Standard Chartered analysts Geoff Kendrick, John Davies, and Steve Englander estimate this could lead to annual purchases of about $400 billion in T-bills by stablecoin providers.