《Stablecoin Issuance Market: Four Business Models Reshaping the Market》（Written by Tiger Research, compiled by AididiaoJP, Foresight News）Stablecoins are not a single-track category. The core principle for newcomers is to avoid competing with Tether and Circle on the same dimension. Tether has secured its leading position through first-mover advantage, reserves, and diversified investments; StraitsX builds a moat with payment fees and compliant licenses; M0 provides shared issuance infrastructure to address fragmentation and amplify network effects; KRWQ initially captures offshore Korean won hedging demand, and then re-enters once regulation is in place. Read the full article: