The Wall Street Journal published that Tether and Circle are competing for regulatory dominance in the stablecoin industry. Tether and Circle represent two competing models of stablecoins: Tether adheres to the idea of decentralization, while Circle promotes regulatory compliance. US lawmakers have proposed several stablecoin regulatory bills that could force Tether to adjust its reserves. The conflict is as much about ideology as it is about business, and the outcome of this fight will determine the future of stablecoins. If regulators succeed in sidelining Tether, Circle's USDC could gain market share and bring stablecoins further into the traditional financial system.