On July 10th, Guotai Junan International recently published a digital asset research report entitled "Insights from Tether: Can Non-USD Stablecoins Break the Mold?" stating that with the implementation of global stablecoin regulatory frameworks, Tether (USDT) will face severe challenges. The rise of U.S. compliant stablecoins may erode its institutional market share, but Tether remains competitive in high-inflation regions, countries with capital controls, and the crypto-native ecosystem. Research shows that Tether's "technology-neutral" strategy provides development experience for non-USD stablecoins, which can seek breakthroughs by leveraging the "de-dollarization" trend. The future stablecoin market may present a "dual-track parallel" pattern: U.S. compliant stablecoins dominate traditional finance, while Tether and non-USD stablecoins serve specific regions and diversified needs. [Deep Tide TechFlow]