Stablecoin Market Landscape Changes
USDT's market share has surpassed 70%, reaching a historic high, while USDC's share has dropped to 19%. Tether's latest audit report shows its reserves at 104%, but the proportion of commercial paper remains controversial. Emerging stablecoins like ENA are adopting hedging strategies to provide high yields, with TVL quickly exceeding 1 billion. In the Asian market, Japan has launched JPYC, a stablecoin pegged to the yen, while Hong Kong plans to issue a digital Hong Kong dollar stablecoin. Analysts point out that tightening regulations will accelerate industry reshuffling, and only fully compliant stablecoins will survive in the long term.