Stablecoins have recently shown noteworthy developments. On one side, Ethena has introduced USDtb to the U.S., partnering with Anchorage Digital to secure the first compliant issuance qualification under the GENIUS Act. On the other side, Circle has integrated USDC with Sei, achieving a more native cross-chain interoperability. Both paths point to the same goal—making stablecoins not only circulate on-chain but also integrate into a larger financial system. Ethena has made a strategic move in the regulatory space, positioning USDtb on a potential path to becoming "officially recognized in the U.S." Circle has brought the world's largest compliant stablecoin to Sei, enabling seamless migration across 13 chains. Anchorage, which collaborates with Ethena, is currently the only federally chartered crypto bank in the U.S., meaning USDtb will possess attributes like compliant settlement and regulatory custody. This strategy not only gives USDtb native U.S. dollar payment capabilities but also establishes a trustworthy issuance framework for institutions. Ethena's past performance in DeFi is well-known, being the fastest-growing U.S. dollar stablecoin in history. Its future performance on the compliance path is worth watching. In other words, USDC is expanding its usage scope, while USDtb is opening compliant channels to broader markets. What does this mean for developers and institutions? The future competition among stablecoins may not be based on market cap, TVL, or liquidity—those DeFi metrics—but rather on "who can truly integrate into payment systems, regulatory frameworks, and cross-chain protocols." Who will be able to add the next piece to the puzzle? 🤔 Does anyone have thoughts on this?