The reshuffling of the stablecoin market landscape is imminent.

With the advancement of the stablecoin-related legislation in the United States, traditional financial institutions are entering the market, and the landscape of the stablecoin market is facing a reshaping. Currently, six major forces have emerged, each vying for market share based on their respective advantages.

The issuer of USDT, Tether, has taken a leading position due to its enormous market share. As the leader in offshore stablecoins, USDT has a market capitalization of 150 billion USD, accounting for 66.5% of the market share. Tether has also partnered with several financial and technology companies to further strengthen its market position.

Coinbase and Circle have formed an alliance to promote a compliant approach, with their USDC becoming the largest compliant stablecoin, reaching a market capitalization of $61 billion and accounting for 28.3% of the market share. They are actively expanding application scenarios, such as collaborating with social media platforms to explore new areas like micro-payments.

Another force worth paying attention to is USD1, supported by a well-known political family. This camp is backed by strong political resources and has also received support from Middle Eastern sovereign funds and a large cryptocurrency exchange platform. However, the implicit political risks cannot be ignored.

Global payment giant Stripe's launch of USDB after acquiring Bridge is expected to secure a place in specific scenarios, leveraging its advantages in the traditional payment sector. Similarly, although PayPal's PYUSD was launched later, its vast user base cannot be underestimated in terms of future development potential.

Finally, an alliance composed of several top banks and payment institutions in the United States is also planning to issue its own stablecoin. Although this alliance has advantages in terms of credibility, the difficulty in coordination may affect its development speed.

Looking ahead, the stablecoin market is likely to exhibit a pattern similar to that of cryptocurrency exchanges: featuring both global leaders and "local players" catering to specific regions or business scenarios. For instance, localized stablecoins may emerge for specific countries or regions, or stablecoins may focus on niche areas such as e-commerce and gaming.

This trend of diversification will help the digital dollar penetrate more marginal areas and segmented business scenarios. It is foreseeable that the stablecoin market will usher in a "battle of a hundred coins" in the future, where the competition among various forces will bring more innovation and opportunities to this field.