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According to Foresight News, Guotai Junan International recently released a digital asset research report titled "Insights from Tether: Can Non US Dollar Stablecoins Break Through?", 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 historic changes. The bank pointed out that after years of development, non US dollar stablecoins have a foundation for expansion, and the trend of "de dollarization" since the beginning of this year has also provided new opportunities for non US dollar stablecoins. From the current regulatory framework and development status of the stablecoin market, it is highly likely that the future stablecoin market will exhibit a "dual track parallel" development characteristic. On the one hand, guided by compliant stablecoins in the United States, it serves traditional financial and institutional markets that are heavily regulated, emphasizing security, transparency, and legal protection. On the other hand, Tether may continue to play an important role in specific regions and the native cryptocurrency ecosystem; At the same time, compliant offshore stablecoins based 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 stablecoin compliance in the United States is not only a challenge to market share, but may also become an opportunity for it to deeply cultivate a specific "offshore" ecosystem. At the same time, non US dollar stablecoins can also find their potential for emergence from Tether.