The stablecoin market is undergoing a new round of reshuffling
The landscape of the stablecoin market is experiencing significant changes, with USDT's market share surpassing 72%, reaching an all-time high, while USDC's share has dropped to 18%. Tether's latest quarterly report shows its reserves have reached 104%, but the proportion of commercial paper remains in question. Innovative stablecoins like ENA use hedging strategies to provide high yields, with TVL rapidly surpassing 1.5 billion. In the Asian market, Japan's Financial Services Agency has approved Mitsubishi UFJ to issue stablecoins, and the Hong Kong Monetary Authority has released a roadmap for the digital Hong Kong dollar. Analysts point out that tightening regulations will accelerate industry consolidation, with an expectation that 30% of small stablecoin projects will exit the market in the next 12 months.