最新报道:Despite controlling over 80% of the stablecoin market cap, Tether and Circle face intensifying competition as new entrants like USDe and USDH gain traction through yield offerings and exchange integrations. USDe's market cap surged to $14B after Binance listings, while Hyperliquid's USDH launch aims to capture revenue from its $5.97B USDC deposits. Regulatory pressures, including MiCA in Europe and the GENIUS Act in the US, challenge incumbents, with Tether launching compliant USA₮ and Circle expanding on Hyperliquid. The duo's combined market share fell from 88% to 82% as the stablecoin market grew to $313B by October 2025.