Tether's two-pronged strategy of using both USA₮ and USDT is clear. In regions with strict compliance requirements, USA₮ is launched to shift stablecoin production from offshore to the US, addressing regulatory issues. USDT, on the other hand, collaborates with local players in Asia, Africa, and Latin America to expand its market share. For example, Parfin, the parent company of Rayls, which recently received a strategic investment, is a Brazilian financial infrastructure company focused on Latin America and serving institutions. Its flagship Enygma privacy framework allows for confidentiality of transaction data while selectively disclosing it to regulators, addressing the pain points of data leakage and compliance auditing difficulties that institutions fear most after going on-chain. Rayls was selected as the privacy solution provider in the Brazilian central bank's CBDC pilot project. Núclea, Latin America's largest financial payment and clearing hub, has also invested in Rayls. Rayls tokenizes all its receivables to improve transaction settlement efficiency. With a strong fundamental background and listing on Coinbase, its market capitalization is very low. In the current market environment, no one is safe from the fallout. 😥