As an important source of liquidity in the cryptocurrency market, the stablecoin market is showing signs of contraction, with the total market capitalization hovering around $307 billion. Over the past month, leading tokens Tether (USDT) and Circle (USDC) have respectively declined by about 1.7% and 0.9%, which may indicate decreasing purchasing power and thinning market depth. Meanwhile, the stablecoin USD1, closely associated with the Trump administration and rapidly expanding, is also facing increasingly strict regulatory scrutiny. The market cap of USD1 has grown by approximately 50%, reaching $5.1 billion, raising concerns among U.S. legislators about its ownership and potential systemic risks.