Stablecoins have recently seen noteworthy developments. On one hand, Ethena introduced USDtb to the United States and jointly with Anchorage Digital obtained the first compliant issuance qualification under the GENIUS Act. On the other hand, Circle connected USDC to Sei to achieve more native inter-chain interoperability. Both paths point to the same goal - to allow stablecoins to not only circulate on the chain, but also to be integrated into the larger financial system. Ethena has completed a move at the regulatory level, pushing USDtb to a position that may become a "US official recognized" path. Circle has brought Sei the world's largest compliant stablecoin by market value, achieving seamless migration between 13 chains. Anchorage, which cooperates with Ethena, is currently the only federal crypto bank in the United States, which means that USDtb will have compliant clearing, regulatory custody and other attributes. This strategy not only allows USDtb to have native US dollar payment functions, but also establishes an issuance framework that can be trusted by institutions. Ethena's past performance in DeFi is obvious to all, and it is the fastest growing US dollar stablecoin in history. The performance on the road to compliance is worth watching. In other words, USDC is expanding its scope of use, while USDtb is opening up compliance channels for a wider market. What does this mean for developers and institutions? In the future, the competition for stablecoins may not be based on DeFi indicators such as market capitalization, TVL or liquidity, but on "who can be truly integrated into the payment system, regulatory system and cross-chain protocol". Who can fill in the next piece of the puzzle? 🤔 What do you think about this?