Deep Tide TechFlow News, on July 10, Guotai Junan International recently published a digital asset research report titled "Insights from Tether: Can Non-Dollar Stablecoins Break the Deadlock?" which indicates that with the global stablecoin regulatory framework established, Tether (USDT) will face severe challenges. The rise of compliant stablecoins in the United States may erode its market share in the institutional market, but Tether remains competitive in regions with high inflation, countries with capital controls, and in the crypto-native ecosystem. The research shows that Tether's "technically neutral" strategy provides developmental experience for non-dollar stablecoins, which can seek breakthroughs through the trend of "de-dollarization." The future stablecoin market may present a "dual-track parallel" pattern: compliant stablecoins in the United States dominate traditional finance, while Tether and non-dollar stablecoins cater to specific regional and diversified needs.