According to online reports, the Wall Street Journal issued an article saying that Tether and Circle are competing for regulatory dominance in the stablecoin industry. Tether and Circle represent two competitive models for stablecoin: Tether adheres to the concept of decentralization, while Circle promotes regulatory compliance. U.S. lawmakers have proposed multiple stablecoin regulatory bills that could force Tether to adjust reserves. Reported that this conflict is about both ideology and business, and the outcome of this struggle will determine the future of stablecoin. If regulators succeed in marginalizing Tether, Circle's USDC could gain market share and bring stablecoins further into the traditional financial system.