> In the context of this new legal and market game, how will Tether, as the world's largest stablecoin, respond? What new moves is the company currently brewing?

Written by: William M. Peaster, Bankless
Compiled by: Shan Ouba, Golden Finance

According to data from DefiLlama, Tether's stablecoin USDT currently has a market value of over 156 billion dollars, which is more than twice that of its competitor – Circle's USDC (over 60 billion dollars).

In this market-dominated situation, the two major news events that occurred this month make this trend even more intriguing:

Circle's blockbuster IPO: Stock price soared after listing, reaching a market value of 60 billion USD.

> Stablecoins are not a short-term speculation concept; they represent a systematic restructuring of the global value circulation framework. If Hong Kong can successfully complete the establishment of the stablecoin system and find a balance between regulation and industry, it could not only attract a batch of international projects but also potentially become a haven for new financial innovation.

Written by: Alex Zuo, Senior Vice President of Cobo, Head of Stablecoin Business

In recent years, we have witnessed stablecoins evolve from an innovative experiment of crypto-native assets to a key component of the global payment system. Stablecoins are no longer merely trading tools in exchanges; they have begun to take on broader financial intermediation functions, especially demonstrating strong efficiency advantages in cross-border settlement scenarios. In this trend, Hong Kong's location, institutional flexibility, and policy windows give it the potential to become an important hub for the internationalization of stablecoins in the next phase.

Market-driven demand

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