Tether's market share in the stablecoin sector has fallen below 60% for the first time since March 2023, according to DeFiLlama data. As of August 31, Tether's dominance stands at 59.55%, marking a significant decline in its market position. This shift occurs as the overall stablecoin market reaches a record high of over $283 billion. The decline in Tether's market share highlights the rapid expansion of the stablecoin market, which analysts suggest could be further accelerated by the "GENIUS Act." This legislative development is expected to boost institutional adoption, potentially driving the total market value of stablecoins to $1.2 trillion by 2028.