U.S. retail investors showing a strong preference for Bitcoin over Ethereum, buying almost double the amount, according to Chainalysis reports
In the dynamic world of digital assets, the landscape is constantly evolving. One of the latest developments comes from Tether, the issuer of the world's largest stablecoin, USDT. They have announced the launch of a new, separate USD stablecoin specifically for U.S. markets.
This move is likely a response to the regulatory environment established by the GENIUS Act, a recent legislative framework aimed at regulating stablecoins in the U.S. Signed by President Trump in July, the GENIUS Act establishes criteria for federal and state oversight and provides restrictions around issuers and reserves for dollar-referenced stablecoins.
The global adoption of dollar-backed stablecoins is extending American monetary influence beyond traditional borders, according to Chainalysis' report. The report, an excerpt from their 2025 Geography of Cryptocurrency report, reveals that between June 2024 and July of this year, everyday users in the United States purchased a total of $4.7 trillion worth of Bitcoin, Ethereum, and USDT on centralized exchanges. Bitcoin (BTC) proved to be the preferred cryptocurrency for everyday users, with $2.7 trillion worth of Bitcoin purchased with U.S. dollars during this period. Ethereum (ETH) followed closely with $1.5 trillion in purchases. USDT came in third, with $454 billion worth of USDT purchased during the same period.
The total market capitalization of stablecoins surpassed $290 billion as of the time of the report excerpt, according to DefiLlama. Stablecoins now move trillions in dollar liquidity each month, with transfer volumes frequently exceeding $2 trillion per month and peaking near $3 trillion in 2025.
The growth of stablecoins coincides with the sustained demand for Bitcoin and Ethereum in North America. The share of Bitcoin against fiat trading pairs in North America has remained incredibly stable over the past four years, capturing around 42% of all fiat trading in December 2022 and 42% of all fiat trading again in June 2025.
The launch of a separate USD stablecoin by Tether could potentially increase the adoption and usage of stablecoins in the U.S. market. However, the compliance expectations in the GENIUS Act will be costly for smaller projects, and a pathway to licensing is necessary for scale in the longer term, according to Chengyi Ong, head of APAC policy at Chainalysis.
Governments worldwide, including the U.S. Senate and House of Representatives, have been involved in proposing regulations for stablecoins. The SEC also plays a significant role in shaping policies for digital assets. Central banks with concerns about dollarisation and the degree of U.S. influence over global monetary infrastructure will need to consider whether and how to respond, according to Ong.
In Korea, the stablecoin discourse emphasizes the importance of providing a regulated pathway for won-backed stablecoins to emerge. As the world of digital assets continues to evolve, it's clear that regulation will play a crucial role in shaping its future.
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