Circle's stock price has doubled since releasing its financial report on February 26. Looking back now, this 'comeback' had been foreshadowed for quite some time. Even though USDC's issuance volume is only 40% of USDT's, starting this year, USDC's trading volume has surpassed USDT for three consecutive months. In January, USDC narrowly beat USDT with $61.4 billion versus $51.4 billion, showing early signs of a shift. By February, USDC surged ahead with $128 billion, doubling USDT's $49.8 billion. Now, halfway through March, USDC is still in the lead. However, as shown in Chart 2, when it comes to the number of transactions, USDT still dominates. This difference in metrics reflects the nature of the two: USDC, focusing on compliance, is mainly used for large-scale, low-frequency institutional trades, while USDT is primarily used for small-scale, high-frequency retail trades. At the same time, with both having backdoor blacklists, USDT's competitiveness in the black and gray markets is gradually shrinking. On the compliance side, Circle is putting pressure on Tether. The days when Tether could effortlessly dominate and rake in profits seem to be getting tougher.