Data from the US Senate Public Records Office shows that lobbying activities for stablecoins have surged in the first three quarters of 2023, including lobbying funds from the largest stablecoin issuer Tether. There have been 161 lobbying disclosure reports mentioning stablecoin legislation or regulation, a 79% increase from the 90 reports in the first three quarters of 2022.

According to data provided by OpenSecrets based on federal disclosures, lobbying funds spent by representatives of Tether surged to $760,000 during this period, ranking sixth among all cryptocurrency companies and approximately twice the amount spent in the previous year. Coinbase Global, a digital asset exchange, revealed that a large portion of the over $2 million spent in the first nine months of this year was spent on stablecoins.