According to Odaily Planet Daily, Bernstein analysts say Tether will face significant challenges launching its new stablecoin, USAT, in the US market. While the product aims to meet US regulatory requirements (including proof of reserves and bankruptcy protection), compliance alone is not enough to guarantee success. Circle has already established a leading position in the US market, with its stablecoin, USDC, deeply integrated with institutions such as Coinbase, Bullish, and Anchorage Digital, and widely circulated on blockchains such as Ethereum, Solana, and Hyperliquid.

Analysts point out that liquidity is Tether's most difficult obstacle to overcome in the United States. Compared to Circle, Tether needs to build USAT's liquidity network from scratch and convince partners to accept an issuer primarily operating offshore. Furthermore, if USAT lacks cross-chain interoperability on mainstream public chains, its adoption rate will be limited. Currently, USDC has issued over $9 billion in new tokens on Ethereum in a single month, increasing its share of the DeFi stablecoin market to 58%. Meanwhile, Hyperliquid's native stablecoin USDH and payment giant Stripe are also vying for new competition. Analysts believe that with the US Genius Act establishing a regulatory framework for stablecoins, stablecoins will continue to be the sector with the greatest growth potential in the crypto market. (DL News)