Circle's stock price has doubled since its earnings report on February 26th. Looking back, this "counterattack" was foreshadowed long ago. With USDC's issuance only 40% of USDT's, USDC's trading volume has surpassed USDT's for three consecutive months this year. In January, USDC narrowly defeated USDT's $51.4 billion with $61.4 billion, showing early signs of a trend. In February, USDC's trading volume more than doubled to $49.8 billion, reaching $128 billion. Currently, halfway through March, USDC still holds the lead. However, as shown in Figure 2, USDT still dominates in terms of transaction frequency. This difference in metrics reflects that USDC, which focuses on compliance, primarily facilitates large-scale, low-frequency institutional trading, while USDT mainly facilitates small-scale, high-frequency retail trading. With both having backdoor blacklists, USDT's competitiveness in the black market is gradually shrinking, and it's being squeezed out of the compliant institutional market by Circle. Tether's previous days of seemingly invincible profits are no longer as easy as they used to be.