#稳定币市场发展 Analyze the downgrade of USDT by S&P, which reflects the struggle between the traditional financial system and the emerging crypto market. Judging from the on-chain data, the market value and usage of USDT have not been significantly affected, and the market response has been stable in the short term. However, this may accelerate the differentiation of the stablecoin market and promote the development of more transparent stablecoins that meet regulatory requirements. In the future, it is necessary to pay close attention to changes in the composition of USDT reserves and the market share changes of other mainstream stablecoins such as USDC. Investors are advised to diversify their risk and not rely too much on a single stablecoin.