The stablecoin market has surpassed $260 billion and continues to grow rapidly. In just the past week, nearly $5 billion in new stablecoins were issued, primarily from Tether (USDT). Although USDT and USDC still dominate, emerging stablecoins like USDe (Ethena) and USDS (Sky) have seen an increase of nearly 25%, indicating a growing market differentiation. Under new regulatory policies such as the 'GENIUS Act', the competitive landscape among stablecoin issuers may face a reshaping.