The market capitalization of Tether's USDT has decreased by $2.1 billion over the past week, falling from $139.2 billion to $137.1 billion as the European Union's Markets in Crypto-Assets (MiCA) regulatory framework took effect. This decline represents a total reduction of $3 billion in USDT's market cap. Meanwhile, the circulating supply of USD Coin (USDC) has risen by 80% from 2023 lows, nearing $44 billion, driven by increased on-chain activity and a more distributed holding across blockchain networks. Additionally, USDS supply has surpassed 1.5 billion, and USDT now commands 75% of the stablecoin market share on Binance, while USDC's market share has climbed to 7% post-MiCA compliance.