**[USDT and USDC Market Share Drops to 84%, Stablecoin "Duopoly" May End]** Nic Carter, a partner at Castle Island Ventures, stated that the "duopoly" in the stablecoin market is breaking apart. According to data from DefiLlama, although the market capitalization of Tether (USDT) and Circle (USDC) continues to grow, their combined market share has dropped from a peak of 91.6% in March 2024 to the current level of approximately 84%. Carter pointed out that the rise of emerging stablecoins, particularly the growing popularity of yield-bearing stablecoins, is the primary reason. He specifically mentioned Ethena's USDe, calling it "the biggest success story of the year," with its supply having grown to $14.7 billion. Carter also predicted that with the implementation of regulatory frameworks such as the GENIUS Act and MiCA, banks and traditional financial institutions will accelerate their entry into the stablecoin sector. He believes that stablecoins issued by banking consortia could become strong competitors to Tether.