USAT plays three cards, why does Tether urgently need a "legitimate clone"
Authors: Peggy, Lin Wanwan, BlockBeats
The most stable asset in the crypto market is a dollar without an ID card.
Over the past decade, USDT has become the "de facto dollar" in the crypto world with $170 billion in assets and ubiquitous liquidity. But the more successful it is, the sharper its identity anxiety becomes: a dollar without U.S. backing is always a vulnerability.
In recent years, Circle has applied for a trust bank license, Paxos has built a global clearing network, and Visa and Mastercard are also increasing their focus on stablecoin settlements. In comparison, Tether has remained within the narrative of an "offshore shadow empire."
Under regulatory pressure and competition, in September 2025, Tether, the parent company of USDT