The stablecoin battle of 2026 has officially begun. The largest cash flow machine in the crypto world, 【Tether】, is no longer just the reigning king but has donned a suit and entered the White House spotlight. #Tether has launched the compliant stablecoin USAT for the US market. This move signifies one thing: in the future, two systems will coexist in the market for a long time—one is the original USDT, continuing to dominate the decentralized world as a universal hard currency overseas, and the other is USAT, specifically serving the US domestic market with compliance, regulation, and auditability. You might ask, Tether earns hundreds of millions annually, isn't it enough to collect tolls passively? Why bother with this messy US market? The answer is simple: Tether doesn't want to enter the US market; the US market is the one it’s struggling to hold onto. Look at the current scene: Coinbase is steadfastly defending USDC, the Trump family has directly entered with USD1, PayPal has also launched PYUSD. The US stablecoin market has turned into an internal cycle—rules written for oneself, used for oneself. Meanwhile, Tether, the world's largest stablecoin issuer, is being kept outside the door. So, USAT essentially has only one purpose: it’s not an innovation, but a green card for Tether to squeeze into the US system. But here’s the problem: USAT’s situation is actually very awkward. Its initial partnership list includes OKX and Bybit, but surprisingly, not Binance or Coinbase. The reason is very realistic: peers are never friends. Binance now stands on the same boat as USD1, Coinbase is even the parent of USDC—who would be willing to help Tether? So the real focus now is not about compliance but whether Tether is willing to spend money. Because all competitors are doing the same thing—subsidies, airdrops, high-yield financial products—while Tether has always maintained a moral high ground, zero interest, not pleasing the market, relying on scale to crush everything. Will it continue to be the king who dismisses price wars, or will it finally lower its head and fight in the US market? The stablecoin war from this moment is no longer a technical competition but a battle of capital and patience. @TermMaxFi