The focus of stablecoin competition now appears to have shifted to the Asian market. Tether’s CEO recently visited South Korea and met with companies such as KB Financial and Coinone. Circle’s CEO has also taken action, scheduling a trip on the 13th—both companies are actively working to expand in the Korean market. Additionally, Circle has recently drawn criticism for its inaction during the hacking incident, failing to promptly blacklist and freeze the hacker’s USDC addresses. In contrast, Tether invested in SDEV, the company behind $SKY DAT, and has been consistently purchasing $SKY tokens—demonstrating Tether’s growing interest and involvement in decentralized stablecoins. @EmberCN’s Professor Yujin has already located SDEV’s wallet—interested parties can take a look. The company has now accumulated $163 million worth of $SKY. Meanwhile, Spark has repurchased a total of 27 million $SPK tokens, valued at $550,000. Compared to inflation, this level of repurchase is still insufficient. From a supply and demand perspective, $SKY currently appears more favorable than $SPK. Overall, Circle is facing significant competitive pressure, and its price seems relatively high. I would only consider entering if it drops to $70. As a long-term holding on my watchlist, I plan to buy and stake $SKY during major market downturns. I’ll wait on $SPK for now and reassess based on future repurchase data.