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The article analyzes the underlying reasons why the duopoly of Circle (USDC) and Tether (USDT), which still dominate about 85% of the stablecoin market, is beginning to break down. It points out that various structural changes are driving the stablecoin market toward "substitutability," challenging the core advantages of the existing giants.

Public blockchains centered on stablecoins have already achieved the necessary scale and stability. To become everyday currencies, they still need: a consumer-grade user experience, programmable compliance, and transactions with imperceptible fees.

Enterprises are increasing their investments in bitcoin and ethereum, with DAT strategies setting a new paradigm in the capital market.

Can Tether evolve from an offshore issuer to a multi-chain, compliant infrastructure provider without compromising its core advantages in liquidity and distribution?

Based on multiple historical and on-chain indicators, the article's author Michael Nadeau conducts a scenario analysis of the potential peak price of Ethereum in the current bull market, aiming to provide a quantitative reference for Tom Lee's "supercycle" hypothesis. By tracking the 200-week moving average, price-to-realized price ratio, MVRV Z-score, Ethereum-to-Bitcoin market cap ratio, and its ratio to the Nasdaq Index, the article presents a range of specific potential price targets, mainly concentrated in the $7,000 to $13,500 range.

It may not be as exaggerated as Tom Lee’s $60,000 prediction, but can we look forward to $8,000?
- 20:13dYdX launches spot trading on Solana and opens access to US usersForesight News reported, according to CoinDesk, that the dYdX team is launching its first spot trading product on Solana, which will also be available to U.S. traders for the first time. Previously, the exchange was almost exclusively known for its derivatives market. To attract new users, especially those from the United States, dYdX announced that trading fees will be waived in December.
- 20:12Crypto journalist: US officials will continue key negotiations today on the "Crypto Market Structure Bill"Foresight News reported that, according to crypto journalist Eleanor Terrett, U.S. senators will continue discussions on the "Cryptocurrency Market Structure Bill" today. This afternoon, representatives from several leading industry companies will head to the White House to attend another meeting on market structure. Afterwards, the CEOs of Bank of America, Citibank, and Wells Fargo will meet with senators to discuss the issue of restricting stablecoin issuers' affiliated companies from paying interest, as well as other outstanding issues.
- 20:12Machi Big Brother's 25x long position on ETH was partially liquidatedForesight News reported, according to Onchain Lens monitoring, as the market declined, Machi Big Brother (@machibigbrother) had part of his 25x long position on ETH liquidated, and closed part of his position at a loss 11 hours ago. The remaining positions currently have an unrealized loss of about $480,000. Overall, Machi has now lost more than $21.6 million.