According to Foresight News, Guotai Junan International recently published a digital asset research report titled 'Insights from Tether: Can Non-USD Stablecoins Break the Deadlock?' It indicates that with the establishment of stablecoin regulatory frameworks in major countries and economies, the global digital asset market is undergoing historic changes. The report points out that after years of development, non-USD stablecoins have established a foundation for expansion, and the 'de-dollarization' trend observed this year has provided new opportunities for non-USD stablecoins. Based on the existing regulatory frameworks and development status of the stablecoin market, it is highly likely that the future stablecoin market will exhibit a 'dual-track parallel' development characteristic.
On one hand, the US domestic compliant stablecoin dominates, serving the heavily regulated traditional finance and institutional markets, emphasizing safety, transparency, and legal protection. On the other hand, Tether may continue to play an important role in specific regions and the crypto-native ecosystem; at the same time, compliant offshore stablecoins relying on different sovereign currencies will accelerate development to serve specific geopolitical economic circles and diversified demands. From the market composition perspective, for Tether, the wave of compliance for US stablecoins presents both a challenge to market share and a potential opportunity to deepen its engagement in specific 'offshore' ecosystems. Meanwhile, non-USD stablecoins can also find their own opportunities for breakout from Tether.