Guotai Junan International's digital asset research report points out that against the backdrop of the United States promoting the compliance of stablecoins, USDT may face the challenge of its market share being eroded by compliant stablecoins in mainstream finance and institutional markets. However, it will still retain "offshore living space" in regulatory vacuums, areas where legal tender is ineffective, and the crypto-native ecosystem. The report believes that USDT's development path as a "technically neutral" strategy as a U.S. dollar digital channel tool may provide replicable experience for non-U.S. dollar stablecoins. From the perspective of the existing regulatory framework and development status of the stablecoin market, the stablecoin market is likely to show a "dual-track parallel" development characteristic in the future. [Wu Shuo]

Guotai Junan International Report: The stablecoin market may exhibit a "dual-track parallel" development trend in the future