This article analyzes the landscape of the stablecoin field, explores the advantages of Tether, the problems faced by Circle, and the development direction of emerging stablecoins. The specific content is as follows: The Development and Advantages of Tether Background: In the early days of cryptocurrency trading, the difficulty of transferring fiat currency due to bank restrictions gave rise to a demand for digital dollars. Tether partnered with Bitfinex to launch USDT in 2015, initially based on the Omni protocol of the Bitcoin blockchain. Market penetration: With the solution to the problem of traders' bank accounts being closed in Greater China and the demand for US dollars from Asian users, USDT quickly became popular in Chinese dominated exchanges. During the ICO boom in 2017, USDT circulated on the Ethereum network through the ERC-20 standard, becoming the core of altcoin trading pairs and further consolidating its position. • Competitive barriers: As of June 2025, USDT accounts for 63.7% of the stablecoin market with a supply of $155.7 billion. Its network effect and wide acceptance in the global southern market form a deep moat, and its profitability is extremely strong, far exceeding that of traditional banks. Circle's hidden concerns Distribution difficulties: Circle's USDC relies on Coinbase for distribution, requiring 50% of its interest income to be distributed to the other party, and its market share (24.8%) is much lower than USDT. Although its valuation is high, its business is single and relies on cooperation with Coinbase, while cryptocurrency exchanges tend to use USDT, making it difficult for Circle to break through distribution bottlenecks. • Risk warning: Circle's listing triggered concerns about the stable currency foam, and future followers may face risks due to limited distribution channels and regulatory uncertainty, as well as the Ponzi scheme similar to Terra/Luna. The way out for emerging stablecoins Compliance and Payment Scenarios: If the US Genuis Act is passed, compliant "payment stablecoins" can be integrated into traditional financial payment systems, such as Circle's payment network (CPN) and Shopify's cooperation case, to improve payment efficiency through blockchain and achieve "Stablecoin Payments+On Chain Finance". Differences between North and South Markets: The North Hemisphere market emphasizes compliance and programmability, which are used by institutions to reduce costs and increase efficiency; The southern hemisphere market relies on stablecoins to cope with currency crises, while USDT dominates in Africa, Latin America, and other regions due to its permissionless and anti inflation properties. • Future trend: The dominant power of stable currency will shift from issuers to distributors (such as Internet companies and banks), and it is necessary to focus on the penetration of real scenarios. The payment data of non transaction scenarios such as B2B and P2P have shown growth potential, and the key is to get rid of the false and move towards the real.