On April 28th, the Tongxuetong Research Institute published the weekly report “USDT: The Road to Death from the King to Bronze”. According to the report, at present, the main mode of stable certification is the legal currency anchor, and the market structure is changing from a monopoly to a “super-strong”. In recent years, Tether has been involved in “lawsuits,” including: financial fraud, unregulated, and arbitrary issuance. On April 25, 2019, Eastern Time, the Attorney General of New York filed a lawsuit against Bitfinex and Tether in the name of "fraud." The USDT first-mover advantage is obvious, and if it can maintain a stable redemption, it will not be a fatal blow to the USDT. However, this incident also shows that the stability of the certificate is no longer stable, the market is facing reshuffle, and regulatory intervention is a top priority. This week, the total market value of digital certificates was 171 billion US dollars, a decrease of 5.3% compared with last week's 9.52 billion US dollars; the willingness to arrange the main circulation certificate in the market is strong, and market confidence is accelerating recovery.