Coin World News reports that on July 10, Guotai Junan International recently published a digital asset research report titled 'Insights from Tether: Can Non-Dollar Stablecoins Break the Deadlock?' The report states that with the global regulatory framework for stablecoins being established, Tether (USDT) will face severe challenges. The rise of compliant stablecoins in the United States may erode its market share among institutions, but Tether remains competitive in high-inflation regions, capital-controlled countries, and within the crypto-native ecosystem. Research shows that Tether's 'technically neutral' strategy provides development experience for non-dollar stablecoins, which can seek breakthroughs by leveraging the trend of 'de-dollarization.' In the future, the stablecoin market may exhibit 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.