The current market cap of stablecoins is $307.2 billion, with Tether accounting for $184.6 billion, making up 60%. This means the majority of stablecoin liquidity is in the hands of the US. It’s clear that the US already holds the lifeline of cryptocurrencies—if they don’t want someone to play, they simply won’t let them. The recent collapse of Cambodia’s Huiwang Group is a masterpiece by the US. Saying that the US has dominated and led the crypto industry is no exaggeration.