According to @doctortraderr, Tether's (USDT) market dominance is facing a two-front challenge from regulation and market dynamics. The proposed U.S. 'GENIUS Act' could force Tether to either undergo significant compliance changes to operate in the U.S. or cede market share to compliant competitors like Circle's USDC. The legislation demands strict reserve standards, such as 1:1 backing with cash and Treasuries, and frequent audits, which Tether currently does not meet. Concurrently, a weakening U.S. dollar and the E.U.'s crypto-friendly MiCA framework are creating a favorable environment for EUR-pegged stablecoins. Since Tether is not MiCA-compliant, this could allow alternatives like EURC to gain traction in the European market. The author predicts that these pressures, combined with a broader bearish trend in the crypto market where assets like Bitcoin (BTC) and Ethereum (ETH) are down, could significantly erode USDT's long-standing leadership in the stablecoin space.