Stablecoin Regulatory Storm: USDT and USDC Face Life-and-Death Test
The draft of the "Payment Stablecoin Act" in the United States has leaked, requiring 100% cash reserves and auditing transparency. USDT issuer Tether has been accused of lacking transparency in reserves, while USDC may benefit from compliance advantages. If the bill is passed, small and medium-sized stablecoins may exit the market, further increasing industry concentration. The Asian market is accelerating the development of local stablecoins (such as Japan's JPYC), with undercurrents of geopolitical financial competition.