Tether strikes Wall Street! Riding the regulatory tailwind to launch a "special edition" stablecoin, with on-chain volume of $553.6 billion in June crushing USDC.

The U.S. "GENIUS Act," "CLARITY Act," and "Anti-CBDC Act" have been passed in succession, injecting a powerful boost into the stablecoin market. Industry leader Tether is taking swift action, with CEO Paolo Ardoino confirming to CNBC that they are developing a U.S.-based stablecoin specifically customized for Wall Street institutions, making a strong return to the North American market. This strategy is backed by JPMorgan, with analyst Teresa Ho stating that stablecoins will become mainstream financial infrastructure, accelerating real-world asset tokenization (RWA). Despite facing competition from the listing rival Circle, Tether has clearly rejected an IPO, leveraging its dominance with a June $553.6 billion on-chain trading volume (more than double USDC) to initiate a dual-track expansion of "emerging markets + Wall Street."

Regulatory Turning Point: Three Bills Remove Compliance Barriers for Stablecoins The three key bills recently passed by the U.S. Congress mark a significant shift in the regulatory framework for stablecoins:

1. The CLARITY Act: Clarifies the division of regulatory responsibilities for cryptocurrencies and eliminates policy ambiguity.
2. "GENIUS Act": Establish a federal registration pathway for stablecoin issuers.
3. "Anti-CBDC Act": Restricts the promotion of central bank digital currencies, indirectly benefiting private stablecoins. This regulatory clarification is seen by Tether CEO Ardoino (who attended the White House bill signing ceremony) as an "industry turning point" that will promote the deep integration of stablecoins into cryptocurrency trading and the traditional financial system.

Tether's Dual Track Strategy: Emerging Market Foundation vs Wall Street's New Battleground In the face of a 500% surge in stock price after Circle's IPO, Tether has adopted a differentiated strategy:

1. Strong Attack on Wall Street: Developing a "special edition" stablecoin that complies with the new U.S. regulations to meet institutional-level compliance requirements (such as KYC/AML, reserve audits). Ardoino emphasized: "We have no intention of becoming a publicly traded company."
2. Consolidate the fundamentals: Continue to dominate emerging markets. Ardoino stated, "Over the past decade, Tether has established technical advantages and deep insights in these markets, unmatched by anyone." Emerging markets remain the core source of its volume.
3. Addressing Transparency Concerns: To align with the new strategy, Tether has restarted discussions with auditing firms, attempting to resolve the long-standing trust crisis regarding its reserves.

Traditional Financial Giants Enter the Arena: JPMorgan Predicts Stablecoins Will Reshape Financial Infrastructure Morgan Stanley analyst Teresa Ho's analysis provides theoretical support for Tether's strategy:

• Stablecoins will upgrade to be a core component of mainstream financial infrastructure.
• Its rapid growth will catalyze the trillion-dollar level tokenization of RWA (real-world assets) process.
• Several banks, including JPMorgan Chase, have begun developing their own stablecoins to expand their crypto product lines. The entry of traditional finance validates the long-term value of the stablecoin sector.

Market Landscape: USDT Dominance Remains, Altseason Not Yet Here Despite the community's heated discussions about favorable regulations potentially triggering an "Altseason," real-time data is sending different signals:

• Altcoin Season Index: Indicates that Bitcoin still dominates the market, and the conditions for a collective altcoin breakout are not yet mature.
• Stablecoin Volume Dominance: Tether (USDT) achieved $553.6 billion in on-chain trading volume in June, more than double that of the second place Circle (USDC, $244.3 billion), highlighting the irreplaceability of its payment settlement network.

Community Response: Praise for Long-term Strategy The crypto community holds a generally positive attitude towards Tether's strategic transformation:

"No surprise! While others chase headlines, Tether has been laying out long-term strategies. Creating compliant stablecoins for Wall Street is not about following trends, but rather strategic moves at the infrastructure level." — Comment from user X Some users predict that this move may pave the way for a new round of altcoin season.

Conclusion: The "glass ceiling" of US stablecoin regulation has finally been broken, with Tether sounding the counterattack horn through a customized "Wall Street exclusive" product. Its dual-track strategy—holding tightly to the fundamentals of emerging markets with one hand while breaking through the North American compliant market with the other—demonstrates the tactical flexibility of an established leader. However, Circle's capital advantage, traditional banks' competitive pressure, and Tether's own transparency issues remain challenges that cannot be avoided. If it can truly rely on the ecological barrier of 553.6 billion in monthly volume to successfully connect with traditional financial arteries, the stablecoin market may usher in a new era of "compliance" and "institutionalization." This stablecoin 2.0 war, triggered by a regulatory turning point, has just begun.