DeFiLlama data shows that despite the stablecoin market reaching a record high of over $283 billion, Tether's market dominance is declining and has dropped to 59.55%, the lowest level since March 2023. Tether's market share in the stablecoin market falling below 60% for the first time in over two years also means that the market is continuing to expand at an unprecedented pace. Analysts suggest that the passage of the "GENIUS Act" could accelerate institutional adoption and expand the market size far beyond the current scale, with the total market value of stablecoins reaching $1.2 trillion by 2028.