Stablecoins have seen another notable move recently. On the one hand, Ethena introduced USDtb to the United States and joined hands with Anchorage Digital to obtain the first compliant issuance qualification under the GENIUS Act, and on the other hand, Circle connected USDC to Sei to achieve more native inter-chain interoperability. Both paths point to the same goal - to make stablecoins not only circulate on-chain but also integrate into the larger financial system. Ethena has made a move at the regulatory level, pushing USDtb into a position where it could become an "official US recognition" path. Circle brings the world's largest compliant stablecoin by market capitalization to Sei, 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 attributes such as compliant clearing and regulatory custody. Ethena's past performance in DeFi is obvious to all, and it is the fastest-growing USD stablecoin of all time. The next performance on the road to compliance is worth seeing. In other words, USDC is expanding its use, while USDtb is opening up compliance channels for the broader market. What does this mean for developers and institutions? In the future, the competition for stablecoins may not be DeFi metrics such as market capitalization, TVL, or liquidity, but "who can be truly integrated by payment systems, regulatory systems, and cross-chain protocols." Who can add the next piece of the puzzle next? 🤔 What do you think about this?