stable coins
By Dan Saada
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Washington Ties and Ethical Heat. Both companies are spending real money in Washington.
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Market Moves: Pornhub, Drift, and Solana. Some of the most telling shifts are happening outside the lobbying offices.
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USDT now owns 63% of the stablecoin market. That's per CoinGecko's Top USD Stablecoins chart, and it's a number that should make Circle's executives a little uncomfortable.
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The gap between these two companies isn't just about market share — it's about how they run their books.
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On reserves, the numbers get interesting fast.
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Tether's attestation puts its equity holdings at roughly $8.2 billion — about 4% of its market cap.
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Both companies are spending real money in Washington. Tether's most talked-about connection is Cantor Fitzgerald, which serves as a key custodian for Tether's new USAT stablecoin…
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Tether hasn't rushed to answer those questions.
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Circle's political footprint looks different but isn't exactly clean either. The company donated to Trump's inaugural committee.
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Some of the most telling shifts are happening outside the lobbying offices. Pornhub switched from USDT to USDC for model payouts after PayPal's exit.
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Read also: GENIUS Act Pushes NCUA to Draft Stablecoin Rules for U.S. Credit Unions
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On Solana, Tether moved the other direction. The company funded a bailout to transition Drift protocol's settlement asset from USDC to USDT.
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And it's working, at least so far. Sixty-three percent market share doesn't lie.
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The Cantor Fitzgerald partnership keeps expanding. Tether isn't just using Cantor for custody — it's woven into Cantor's broader business operations around USAT.
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Circle, meanwhile, keeps leaning into its public-company advantages. Trading status brings scrutiny, sure, but it also brings legitimacy that Tether can't easily replicate.
The Currency Analytics
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