It seems that USDC faces many challengers, but the actual competitors are not that numerous. To truly break through, three things must be achieved simultaneously: compliance status, open ecosystem access, and institutional-level settlement capabilities. All three are indispensable.

Compliance is actually the simplest; once the policy framework is clear, anyone can move in this direction. The difficult part is the latter two—building an open ecosystem and institutional settlement infrastructure, which requires time accumulation and deep strategic deployment.