[Tether Launches USAT, a U.S. Compliant Stablecoin, Facing Liquidity Challenges] Bernstein analysts state that Tether plans to launch a U.S. compliant stablecoin, USAT, but faces liquidity and distribution challenges. Although USAT meets compliance requirements such as proof of reserves and bankruptcy protection, Circle's USDC has already established dominance in the U.S. market, being deeply integrated with multiple institutions and widely circulated across mainstream public blockchains. Tether will need to build a liquidity network from scratch and address cross-chain interoperability issues. Furthermore, the strong positioning of USDC and other competitors will intensify the challenges.