On July 10, Guotai Junan International recently published a digital asset research report entitled "Inspirations from Tether: Can Non-USD Stablecoins Break the Game?" stating that with the implementation of stablecoin regulatory frameworks in major countries and economies around the world, the global digital asset market is also undergoing a historic transformation. The firm pointed out that after years of development, non-USD stablecoins already have the foundation for expansion, and the "de-dollarization" trend since the beginning of this year has also provided new opportunities for non-USD stablecoins. Judging from the regulatory framework and development status of the existing stablecoin market, the stablecoin market is likely to show the development characteristics of "dual-track parallel" in the future.

On the one hand, U.S. local compliant stablecoins will dominate, serving the heavily regulated traditional financial and institutional markets, emphasizing security, transparency, and legal protection. On the other hand, Tether may continue to play an important role in specific regions and crypto-native ecosystems; at the same time, compliant offshore stablecoins relying on different sovereign currencies will accelerate their development, serving specific geo-economic circles and diversified needs. From the perspective of market composition, for Tether, the wave of U.S. stablecoin compliance is both a challenge to its market share and a possible opportunity for it to cultivate a specific "offshore" ecosystem. At the same time, non-USD stablecoins can also find their own way to break out of the circle from Tether.