PANews reported on August 31st that according to Cryptoslate, DeFiLlama data shows that although the stablecoin market has reached a record high of over $283 billion, Tether's market dominance has been declining and has dropped to 59.55%, the lowest level since March 2023. Tether's share of the stablecoin market has fallen below 60% for the first time in more than two years, which also means that the market is continuing to expand at an unprecedented rate. Analysts say that the passage of the "GENIUS Act" may accelerate institutional adoption and expand the market far beyond its current size. The total market value of stablecoins may reach $1.2 trillion in 2028.